While Derek Quinlan continues to adjust to life in Switzerland, Nama is swiftly moving ahead with the sale of some of his former investment properties in Dublin.

Paul McDowell of Knight Frank, who is fixed-charge receiver for several Quinlan houses, is believed to have agreed terms on the sale of 1 Elgin Road, a large Victorian house, two storeys over garden level, near the American embassy. The buyer may be none other than the Belgian government for use as an embassy.

The house is likely to change hands for somewhat less than the €2.9 million valuation set by McDowell. The final figure will also be a long way short of the €7 million Quinlan paid for it at the height of the market in 2007. He later spent a small fortune on a high-quality fit out of the 390sq m (4,200 sq ft) house, which has a drawing room and dining room with marble fireplaces, plus a study and orangerie on the ground floor. There are four bedrooms on the first floor and a shower room. There are two more bedrooms at garden level and a wine cellar, a family room and kitchen, with Poggenpohl fitted units with granite worktops and extensive appliances. There is a coach house in the garden.

Separately, Knight Frank Ireland is seeking in the region of €5 million for Quinlan’s former offices at 8 Raglan Road in Ballsbridge. Like all Quinlan properties, it is in immaculate condition after being extensively and expensively refurbished.