Developer Tom Bailey of Bovale Developments is looking to demolish the Ballsbridge house he bought last year for €6.2 million - €2.2 million over the guide price - and replace it with apartments.

Bailey is about to submit a planning application to Dublin City Council to build 36 apartments in a four to five-storey building on the site of Dunluce, which was only built six years ago by its previous owners.

The five-bedroom house is accessed via a private laneway off Anglesea Road and sits on an acre of gardens. It adjoins Merrion cricket pitch and has views of Herbert Park.

Dunluce was formerly the home of Pat Stephenson, head of North & Co estate agents and his wife Mary. In 2000, they built a 464sq m (5,000sq ft) home on the site of the original 1920s house which they inherited from a family member.

Bailey is looking to build 36 one, two and three-bedroom apartments, as well as a ground floor car-park with 44 spaces.

Tom Bailey bought the house next door to Dunluce, which was formerly the home of Michelle Rocca in 2000 for €2.22 million. The five-bedroom detached house on one-third of an acre off Anglesea Road was bought by Rocca for €736,448 in 1996.

It had previously belonged to the Tony Taylor, the investment adviser who was convicted for fraud.