The Royal Dublin Society plans a €100 million redevelopment of its facilities in the Dublin suburb of Ballsbridge.

The move is aimed at securing the future of the Dublin Horse Show and reducing the society's dependence on the events industry, where profit margins have been squeezed due to greater competition.

Some three acres of the lucrative 42-acre site in Ballsbridge have been earmarked for development which will include the addition of 23,000-square meters of office space and the extensive refurbishment of the ageing Anglesea stand in the RDS arena.

According to RDS chief executive Mr Shane Cleary, the new office space will generate long-term revenue for the society and reduce its exposure to the highly competitive events industry.

Last year revenue from events accounted for more than 80 per cent, or €8.9 million, of the society's €9.5 million turnover.

Mr Cleary wants this heavy dependence lessened by increasing the focus on property management.

Rental income from the adjacent Four Season's hotel generates a sizeable sum for the society and Mr Cleary wants to make more use of its land bank. This would give the society more money to spend on its foundation projects like the Dublin Horse Show, held in August each year.

Currently the RDS relies on its annual surplus to fund such events.

After a strong performance from events, the surplus jumped up €4.8 per cent last year to €1.54 million, compared to €1.47 million the previous year.

But with the Dublin Horse Show alone draining €300,000 from the society, Mr Cleary stresses these surpluses must be larger if the RDS is to increase the profile of its foundation events.

Mr Cleary said the commercial property market is tough at the moment but said the redevelopment plan is a "long-term strategy that will secure the society valuable revenue in the future".

Office prices in Dublin have slumped over the last two years as the technology collapse and global economic downturn eat into demand.

Mr Cleary said: "The RDS can afford to wait for commercial property prices to increase. And it's likely the market will have improved by the time our new office building is completed." The RDS, which was founded in 1731, has €10 million in ready cash and sits on at least €200 million worth of prime property.

Mr Cleary intends to finance most of the first phase of the redevelopment plan out of the society's cash reserves.

But any timetable for the initial building work will depend on Dublin City Council's approval of the redevelopment plan and the RDS's ability to pre-let some of its existing office space.

A planning application for the redevelopment will be lodged in May.

Although the RDS claims the impact of the construction on the locality will be minimal, it's likely that planners and local residents will want to have a say in the development of this landmark site, which is the subject of a preservation order.

The new office block fronting onto Simmonscourt road and featuring a major new headquarters building is scheduled for the first phase of the development. The next phases include the re-roofing and upgrading of the Anglesea stand and the addition of new corporate entertainment facilities.

The plan also provides for new multi-purpose stabling and exhibition halls.