A 1980s office block in Dublin 4 has been put on the market by receivers for €25m, a fraction of its 2007 sales price.

Developer Bernard McNamara bought the Burlington Road property from insurer Allianz for €105m in 2007. 

The site has full planning permission for demolition of the existing building and the construction of a new office block.

Mr McNamara at one point also owned the adjoining Burlington Hotel. He paid €288m for the hotel in 2007. In 2012 it was sold for €67m. 

Paul McCann of Grant Thornton, receiver of Mr McNamara's firm Glasbay Limited has asked agents CBRE to sell the property by private treaty.