Property developer Sean Dunne is negotiating with Jurys Doyle to be released from the restrictive covenants on his €240 million site in Ballsbridge.

Mr Dunne said he was hopeful that Jurys Doyle would eliminate the covenants restricting the construction and operation of a hotel on the Ballsbridge site.

He has promised that when the site - home to Jurys Hotel and the Berkeley Court - is redeveloped the area will become "the Knightsbridge of Dublin".

Mr Dunne's company, Mountbrook Homes, which is paying €260 million for the seven acres, has invited 12 international architectural firms from eight countries including Ireland to produce a master plan for a "city within a city".

Mr Dunne, who was guest speaker at the annual dinner of the Society of Chartered Surveyors on Thursday, said there were some who considered Jurys as a civic centre where people meet, gather for various sporting events, concerts, balls and other gatherings.

As developers his company felt that a more appropriate development would perhaps see as much as 50 per cent of the site made available for public access through a proper mix of facilities. This would entail high-quality retail including restaurants, cafes and bars on about 20 per cent of the site. "Not a Temple Bar," he said.

He envisaged that another 30 per cent would be used for offices, cultural and civic centres. Another section would be used for a hotel, leaving the balance for a residential scheme.

Mr Dunne argued that this format would be a major attraction and benefit to the area "and be desirable by the city planners".

However, it could only become a reality if the development plan was varied. "I sincerely hope the city council will in due course see the merit of our proposal, which will not necessarily be all about height and density but about quality and a proper, sustainable mixed development."

Mr Dunne reminded his listners that the current development plan envisaged that the entire site would be used for a residential scheme with some neighbourhood shopping. This in effect would turn the seven acres into a private gated residential complex, which would be much sought after.

A survey had shown that 60 per cent of the purchasers would be buying a second home with up to 33 per cent of them already having more than two homes either in Ireland or abroad.

"Before any politician feels this is wrong or unjust then it should be noted that the Constitution treats everybody equally, rich and poor. We tend to hear a lot about people's rights being infringed but it should be noted that those who can afford to have more than one property have rights also and nobody has the right to infringe upon them."