David Daly, the developer who set an Irish land price record when he paid the equivalent of €120m an acre for Franklin House on Pembroke Road in Ballsbridge, Dublin 4, has secured permission to demolish the office block and construct a new building on the site.

The new building will be four to eight storeys high and will be nearly triple the size of the existing building.

Daly owns Albany and Trident Homes and has made hundreds of millions from developing houses in Swords and Darndale. He is a former chief executive of Manor Park Home builders and his assets include the River Island shop on Grafton Street and an office block on St Stephen's Green in Dublin, as well as the Mulberry and Louis Vuitton buildings on New Bond Street in London.

Daly bought Franklin House from rival developer Gerry Gannon in 2006 for €25m. It is on a site of just under 0.2 acres and is dwarfed by the adjoining Hume House, owned by fellow developer Sean Dunne.

Dublin City Council approv­ed the scheme subject to nine conditions, including that he pay over €310,000 for works undertaken by the authority in the area.