The consortium of investors that bought the former Siemens site on the Ballymoss Road in Sandyford, Dublin 18, for a reported €20 million has been granted planning permission for a mixed-use development with a 20-storey office block.

Despite objection from residents of the nearby Lakelands estate and Stillorgan Road, Dún Laoghaire-Rathdown County Council has granted the CWWB Partnership permission for the development in the Sandyford Industrial Estate.

Locals objected on the grounds that the height would cause overlooking and lack of privacy and that the development would add to heavy traffic on the Blackthorn Road.

Another concern was that there is no "coherent" plan by the authorities to develop the industrial estate.

The consortium is looking to build an office, retail and residential complex on the site, which is located on what is regarded as a prime position in the area facing the Luas line and Blackthorn Drive.

The proposal is to demolish all the buildings on the site and build two blocks, one of which would be 10 storeys over basement with 785sq m (8,450sq ft) of retail floor space and 71 apartments. The 20-storey building would have 7,883sq m (84,851sq ft) of office floor space.

This is the latest in a plethora of ambitious developments in the Sandyford area in recent years and even more are in the pipeline.

The Siemens site is a short distance from the former M J Flood property where Noel Smyth has been granted permission for a 23-storey tower.

A €340 million development at the nearby 7.7-acre Allegro site will involve over 840 apartments and 11,500sq m (123,758sq ft) of shopping. The site was sold by the Mark II Partnership, whose backers include David Arnold, Johnny Ronan and Richard Barrett, to Cork developer Flemings for €165 million.

The area has seen site values escalate due to the number of investors and first-time buyers looking for apartments close to the Luas service in south Dublin and its proximity to the M50.