Dublin City Council has given the go ahead for a €450m development of offices and apartments in Dublin's docklands.

Planning permission has been granted for the development, which will include 18,000 square metres of office space and 100 apartments at 5 Hanover Quay, Dublin 2.

In March the Council approved the construction of 9,300 square metres of office space and 58 apartments at 76 Sir John Rogerson’s Quay, making today’s decision the second granting of planning permission for the area since it was rezoned as a Strategic Development Zone (SDZ). Construction is expected to start at the end of this year.

Targeted Investment Opportunities – comprising the Mullingar based construction company Bennett-group, NAMA and US investment firm Oaktree – will run the development.

The designation of the area as a SDZ was done with the intention of accommodating fast tracked planning applications, with NAMA saying they expect the 22 hectare site to potentially create 3.4m square feet of office space and 1,848 apartments over the next five to seven years. The designation of the SDZ was a factor which those involved in the deal have today praised.

Justin Bickle, Chairman of TIO plc and Managing Director of Oaktree said, “the purpose of designating the area an SDZ was to facilitate fast track planning applications for much-needed commercial and residential development – this proves that the system is working well in practice.”

Brendan McDonagh, Chief Executive of NAMA, has also highlighted the “benefit of SDZ designation”, saying the project, “highlights the benefit of the ... faster planning process in delivering high-quality projects quickly”.

Paul Clegg, Executive Manager, Planning & Property Management with Dublin City Council said the Docklands SDZ is “now delivering on the promise of a new fast track planning process for new housing and commercial developments to meet the needs of the City, in the heart of the Docklands.

Mr Clegg added that DCC will “be leading investment in the area to provide high quality new public spaces, transport links and amenities for Docklands to support the achievement of the vision of a vibrant sustainable new maritime quarter in Dublin.”

The development will provide two and three bedroom apartments above ground level, with separate retail, office and café units, according to Savills real estate agents.