A UK property developer is paying more than €2m for a site in central Dublin.
Development Securities said it had paid €2.4m for the quarter acre site on Percy Place off Haddington Road (pictured) in the south of the city.
In a statement, Development Securities confirmed they had taken on the site which is currently operating as a surface car park.
The site has planning permission for a mixed-use development of 12 apartments, some 4,700 sq ft for a restaurant and shops and 6,500 sq ft of offices.
A spokesman for DevSecs said the company planned to build on the premises in line with the planning permission already granted, and would not be seeking to change its use.
Construction, which will cost about €5m, is slated to begin early next year and conclude before the end of 2014.
The scheme will be financed through a mixture of equity and bank loans.
This is the firm's first venture into Ireland. Up to now it has done most of its business in the UK, where it is best known for major developments such as the Paddington Central development around the London train station.
Last year it bought a portfolio of UK properties that had belonged to developer Gerry Gannon from NAMA for some €121m.
DevSecs Matthew Weiner claimed the "well-located site" in a sought-after area of Dublin benefitted from "existing planning consent which will allow us to deliver the development in the near-term".
CBRE acted as agents for the sale.