Dublin city council has acquired 18 acres of land next to the River Road in Ashtown in west Dublin for €2.8m. The council intends to invest at least €2.5m more in works on the land but has told councillors that "this level of finance is not available currently".

The land was bought from Sarandale Properties for €2.8m. Sarandale had shareholders' funds of more than €2.5m on 31 March 2008, according to the latest filed accounts. The company had tangible fixed assets at €2.8m using directors' valuation but the historical cost was slightly more than €166,000.

The company is owned by Richard, Stephen and Darren Dunning, according to the latest documents lodged with the Companies Office.

Most of the land is likely to be used as a park. "Irrespective of finance being available it would be highly desirable if not essential that the proposed River Road widening scheme would precede any significant park development," the area manager told councillors, saying the council "is well aware of horse and motorcycle activity on the former CPO lands and we have expended a significant sum endeavouring to secure River Road boundary to the lands to prevent horse access to new housing developments in Pelletstown."