The Dublin Docklands Development Authority (DDDA) has agreed to sell its interest in 16 Hanover Quay to U2 for €450,000.

The band, which has its studios at the site close to the Liffey, has recorded many of its songs there.

The authority, which is soon to be dissolved,  had previously planned to remove number 16 Hanover Quay, as part of a development proposal.

It has agreed with Jones Lang LaSalle, acting for U2, to sell 16 Hanover Quay for a sum in the region of €450,000.

The move comes after An Bord Pleanala recently approved the North Lotts and Grand Canal Dock Planning Scheme which recognises the docklands as an art space with a variety of tourism attractions.