A two-acre site in Dublin's Ballsbridge area has been sold by the State for over €170m.

The site, on which University College Dublin's veterinary college was based, had been offered for sale by tender and was bought by a property company, Glenkerrin Homes, which is headed by Ray Grehan.

The property is near the Jurys Hotel and Berkeley Court hotel sites which was recently bought by developer Sean Dunne. The Office of Public Works said the sale was the largest achieved by it.

Mr Dunne last night told RTE radio he expected the site to fetch up to €115m.