It would appear the only way is up for the Dublin Docklands, after the announcement that special planning concessions will allow developers to build record tall buildings in the area.

The area will be subject to certain concession, which could see 20-storey developments take shape around the city centre.

These recommendations form part of a new planning scheme for the docklands, including North Lotts, Grand Canal Harbour and Docks, that will permit maximum building heights almost triple the previous allowance.

Many developers in the Dublin area look set to benefit from the new masterplan, most notably Liam Carroll, Treasury Holdings and Kilsaran who owns a cement site at Grand Canal Harbour.

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Liam Carroll currently has plans for a 350,000 sq ft Anglo Irish Bank building and another 60,000 sq ft scheme for solicitors O'Donnell Sweeney.

AIB Capital Markets is also said to be close to signing a rental deal with Liam Carroll for a new high-density office building on the site, with a floor area of around 400,000 sq ft.

Bank of Ireland, the third bank in talks with Liam Carroll, is also said to be interested in occupying a new 550,000 sq ft office, planned for the back of the Brooks Thomas site on Mayor Street.

The developer has reportedly attracted its financial services clients through low rental prices for the first five years, which will be reviewed after this period.

Having received approval by the city council, the implementation of the new masterplan will open up €4 billion expenditure for public private partnership work, intended to improve infrastructure. It is hoped this investment will provide adequate facilities for developments leading up to 2020.

Road links will also be improved through a rapid transport service, four new bridges and an underground station.

(PR/JM)