And so endeth another boom and bust chapter on Dublin’s most expensive road after the sold sign went up this week on Priory Hall developer Larry O’Mahony’s former Shrewsbury Road home.

It came on the market last year asking €6 million after Nama was granted possession of the 465sq m (5,000sq ft) house, and contracts were signed in recent days for a sum of just under €5 million.

Selling agent Peter Kenny of Colliers refused to comment on the deal, but the price achieved would be consistent with a more recent going rate on the road of about €1,000 per sq ft. The new buyer is understood to be a businessman with an international firm with family based in Dublin. The property will require significant further investment because, despite a revamp in 2008 that increased the floor space on the semi-detached property by about a third, by the time it came up for sale last year it had been denuded of all contents, including the kitchen.

Let’s hope the proceeds from the sale will go some way towards repaying O’Mahony’s €6.75 million in outstanding loans he had secured against the property with Irish Nationwide Building Society.