Knight Frank has reduced the asking price from €2 million to €1.2 million for a conference centre known as the Europa Academy beside the Swords Business Campus in north Dublin.

The premises are owned by Bill Cullen's Glencullen Holdings, which was put into receivership last year by Ulster Bank. The office and storage building extends to 4,581sq m (49,320sq ft) and is located on a six-acre site in Balheary Industrial Estate.

The building is partially let to a number of short- term tenants on flexible licence agreements at a rent of €90,000 per annum.

James Smith of Knight Frank said the income producing facility had redevelopment potential for a number of uses in the medium to long term.