The Institute of Taxation site in Ballsbridge, Dublin 4 is to be demolished to make way for an apartment development.

The Parkway Partnership has been granted planning permission by Dublin City Council to demolish the institute building and build a residential complex.

The 1,060sq m (11,410sq ft) office building on Sandymount Avenue will make way for 20 apartments in a three and four-storey block with winter gardens and balconies.

The site is adjacent to the 1.5-acre former Teagasc headquarters site which the Parkway Partnership bought for a reported €15 million in 2003. Its original plans for a €36 million 89-unit apartment development on the site were subsequently curtailed by An Bord Pleanála.

Parkway - whose directors are Ray McGowan, Michael McDonald, John McCabe, Tom Keane and Tom Gilligan - got planning permission and subsequently sold the site on to Woodgreen Property Partnership in conjunction with G Burns. The Ballsbridge area has become synonymous with luxury apartment developments.

Twinlite's Embassy Court was behind a 16-unit scheme on a 0.82-acre site at the junction of Sandymount Avenue and Prince of Wales Terrace.

Capel Developments has also built a scheme of five star apartments with corporate conference facilities at 31-33 Merrion Road, the former British Embassy.