Ulster Bank is believed to have selected a consortium including developer, Joe O’ Reilly’s Chartered Land and a sovereign wealth fund, possibly Abu Dhabi, to develop the seven-acre property in Ballsbridge - site of the former Jury’s and Berkeley Court Hotels.

It’s believed the preferred consortium has offered a price of €170m for the site and has beaten competing offers from the likes of newly-floated building firm Cairn Homes, the US investment group Capstone, and a joint venture comprising Colony Capital and Irish businessman, Paddy McKillen.

The site was originally purchased for €400m at the height of the property boom by Carlow developer, Sean Dunne, from the Doyle Hotel Group.

His plans failed to secure planning permission just prior to the downturn in 2008.

The site has a ten-year planning permission for a 1.5m square foot, so-called urban quarter, including up to 500 apartments, a 150-bedroom hotel and other assorted retail and commercial buildings.

The permission allows heights of up to 10 storeys for the residential apartment blocs.