The company which bought one of Belfast’s tallest buildings in a multi-million pound deal has gone into administration.

Lauderdale Properties paid around £30m for the 80-metre tall Bedford Street office block Windsor House in 2007 with the intention of turning it into apartments.

It is now thought to be worth just £10m.

Now insolvency practitioners in the Dublin and Southampton offices of Smith and Williamson have been appointed administrators to the failed company.

Lauderdale Properties was a joint venture between developer Ray Grehan of Glenkeerin Homes and Co Cavan company P Elliott.

Ray Greham was declared bankrupt in December over debts of around €300m to the Republic’s bad bank, Nama.

P Elliott went into receivership in May owing around €500m.