A Dublin property company is to develop about 280 apartments and houses on the edge of Bushy Park, in Templeogue, Dublin 6W. It is likely to be one of the most expensive and stylish schemes in south Dublin next year.

Businessmen John Kennedy and the McSharry brothers, Frank, Peter and Liam, are to seek planning permission for the development on a 7.1-acre site they bought for £14 million from a religious order of nuns, The Religious of Christian Education. Agents Hamilton Osborne King had been quoting £8 million-plus for the property, which was sold by tender.

The religious order said yesterday it was "amazed at the price achieved" and confirmed that the proceeds will be used to further the work of Christian education for which the order was founded. The order is to fund projects for educationally disadvantaged young people.

The site forms part of the grounds of Our Lady's School, at Templeogue Road. It includes a three-storey convent listed for preservation. No decision has been taken on what use to make of the convent, which has wonderful period features, including a handsome inner hall with overhead skylight.

About one-third of the residential units planned for the site will be three, four and five-bedroom houses and the remainder will be mainly large two and three-bedroom apartments. There is no indication of price levels at this stage, but the homes are likely to be pitched at the top end of the market, given the prime location overlooking one of Dublin's finest public parks, 58 acres of parklands, trees and water. Templeogue Road is a solid middle class area where many of the houses sell for between £300,000 and £400,000. Architects O'Mahony Pike are to design the scheme and, according to Mr Kennedy, they will be looking for "a fine blend of houses and apartments which will complement the parklands".

The new owners were involved in Sheelin McSharry, which carried out a number of high profile developments in recent years, including Herbert Park Lane, in Ballsbridge, which has 300 apartments, the Herbert Park Hotel and an office block, Embassy House. In the early 1990s, the company also completed Ashbrook, a development of apartments and houses overlooking Clontarf Golf Club.

Mr Sean McKeon, who was involved in the company at that time, has since set up a separate development company, Rathingle Developments, which is building a large number of houses at Ridgewood, Forrest Road, Swords, and is involved in several other major projects.

The Religious of Christian Education said Our Lady's Secondary School would not be affected by the sale, and part of the proceeds would be used to improve sporting facilities.

The sisters are to build alternative homes in the convent grounds which will be more practical for ageing members of the order.

Eight years ago, the sisters transferred five acres behind the community house to Dublin Corporation to extend to Bushy Park.