Oliver Loomes, the country director for Diageo Ireland, said the company was fully committed to a developing a sustainable future at St James’s Gate.

Mr Loomes said: “We are transforming our centuries-old vat houses, brew houses and cooperages into incredible spaces that will house and inspire a new generation of entrepreneurs, residents and visitors, dreamers and doers.”

Diageo is looking to create a “dynamic” urban space in the Liberties area providing residential, office and commercial spaces.

Diageo said the development will be phased on a multi-annual role out and that the site will be developed once a “world-class” partner has been selected.