Terenure College is just one of many Dublin schools that say their future could be jeopardised by the proposed restrictions on housing on their lands.
Founded by the Carmelites in 1860, the school today accommodates 1,000 pupils in its junior and senior schools. With more than 50 acres (including a lake) at its disposal, there is plenty of space for rugby, athletics, tennis, badminton, swimming, cricket and other sports facilities.
It sounds idyllic but as anyone involved in Irish education knows, running any sort of school is always a struggle.
Fees at Terenure are about €3,000 a year, the school receives some State funding and there is an active fundraising programme. However, the Carmelites say this isn't enough to deal with present problems, let alone plan for the future. The proposed change would have "major, detrimental effects" on its operations, according to a submission by the order to Dublin city council.
"It could be necessary for the ongoing development, and indeed viability, of the college to consider the sale of a portion of the lands not essential to the activities of the schools," argues the order's Prior Provincial, Fr Fintan Burke.
He points out that the college is currently servicing a €1.8 million loan for a recent classroom and sporting development. Then there's the refurbishment of the swimming-pool, which is currently closed, which will cost about €1 million.
Another repair job, costing about €500,000, will have to be carried out on the main classroom block, which was built in 1890. "I would suggest that closing off the possibility of selling some land at Terenure College for development during the next six years could seriously affect the sustainability of the schools," Fr Burke writes in the submission.
He points out that the college is adjacent to Bushy Park with its extensive green space and sporting facilities.
The Carmelites don't have to look far to see how much money can be raised from the sale of surplus land.
Across Templeogue Road, developers paid €17.78 million to the Religious of Christian Education order of nuns in October 1998 for a 7.1 acre site now covered with townhouses and apartments.
Any land sold today would fetch a high multiple of this rate.