Apartment sales at Dublin's Park West were the main driver pushing Harcourt Development's consolidated operating profits to nearly €16.3 million last year, up from €7.7 million in 2004, according to recently-filed accounts.

The accounts note that the day-time population of the mixed-use park off Dublin's M50 motorway had reached more than 8,000 by the end of 2005, and that there was "sufficient land for further mixed development for many years to come".

The group, which is controlled by Donegal developer Pat Doherty, moved into the black last year. It turned a 2004 pretax loss of close to €6 million into a pretax profit of more than €4 million in 2005. Ireland accounted for €83.4 million of Harcourt's total revenues of almost €98 million .

Lower interest rates compensated for increased borrowings, the accounts noted. Net debt at the end of 2005 was €271.47 million, up from €264.49 million in 2004. That represented 53.8 per cent of the group's total assets before liabilities, compared with 64.3 per cent in 2004. No dividends were paid.

Equity shareholder funds reached €147.6 million. An upward revaluation of its group properties resulted in an accumulated surplus of €145 million over book value by the end of 2005.

Harcourt, which is one of the developers backing the planned Luas spur to Citywest, owns property in Ireland, the Bahamas, Jersey and the US.

Among the jewels in its Irish portfolio is a substantial land holding at Citywest, while it also holds two north Dublin sites for industrial development.

Among recent additions to Harcourt's Irish portfolio was the Parkway Shopping Centre in Limerick, for which it paid more than €50 million this year.

In his home county of Donegal, Mr Doherty expanded and redeveloped the Redcastle Hotel last year. That hotel trades under the Carlton banner, and the accounts note that it was "trading very well indeed" after reopening.

Further afield, Harcourt owns the Carlisle Bay Hotel in Antigua, which is operated by Campbell Grey. The group is also developing a waterfront condominium in Freeport, Grand Bahama, and two waterfront schemes in St Helier's, Jersey.

In the US, Harcourt has just launched a $1 billion (€0.78 billion) project in Las Vegas, which is its first major project in that market.

The Sullivan Square development is a mix of office, retail and residential development, including about 1,300 residential units.