Redevelopment Site: One of the better known landmark buildings in Dún Laoghaire - the Children's Cottage Home on a site of 0.77 of an acre at Tivoli Road - is to be sold by tender on December 2nd.

It is likely to be bought by a developer who will probably convert it into residential units and build additional homes on the grounds.

Peter Wyse of Wyse Estate Agents is quoting over €6 million for the listed Victorian building and site which have been run on a charitable basis for the past 125 years.

The cost of the upkeep of the building had become too high for the charity which provides residential care for children and families. The proceeds of the sale will be used to invest in more manageable residential properties in the Dún Laoghaire area.

There should be no shortage of interest in the two-storey building which has a floor area of 1,090sq m (almost 12,000sq ft) and obvious potential to be turned into apartments. The fact that the grounds have 184 metres of frontage on to Tivoli Road and Royal Terrace East, Royal Terrace South and Royal Terrace West should make it easier to redevelop the substantial grounds.

One party familiar with the property suggested that at the very least there is scope for six period-style two-storey over garden level houses in keeping with the style of the terrace as well as a block of about nine apartments.

Housing values in the area are on the high side - not only as it is a solid, middle class area - but also because of its proximity to Dún Laoghaire town centre and the famous pier.

The property is zoned as "Objective A" in the current Dún Laoghaire Rathdown County Council development plan "to protect and/or improve residential amenity".

With infill sites in particularly short supply in the Dún Laoghaire area, the property could make considerably more than the guide price.