Plans to build on Ireland's most expensive piece of real estate have been given the go-ahead.

Work on the monumental Ballsbridge scheme could begin within the next two years, the developer has said.

Ray Grehan has reportedly said progression has been deterred by the economic slump, but he will push ahead with the Number One scheme in the capital city.

An Bord Pleanala has now approved the project, which is being developed by Grehan's Glenkerrin firm.

Located in the suburban Dublin, the Shelbourne Road site was was purchased four years ago for a staggering €171.5m - roughly €84m an acre

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The redevelopment of the former UCD Veterinary College has been designed by HKR Architects.

Plans included more than 170,000 sq ft of office accommodation, 86 luxury apartments and associated retail and restaurant space.

"Hopefully, the market will have turned in the next two years," Mr Grehan said,

He said such a prime property would be the "first to reap benefits" from any recovery. "We will make it work in the long term," he added.

The plans originally proposed to include an 18-storey tower. However, this was revised downwards due to concerns by planners.

In the plan, the new buildings will be centred around two new plazas and two new shared pedestrian streets.

David King Smith, the Director at HKR Architects, said: "After many years of debate about the future direction of this project, the Board have committed to a model of urban development that is based on environmentally and commercially sustainable principles of mixed-use buildings arranged around high quality public places and spaces."

(PR/JM)