But a year-and-a half after its champagne-drenched launch party, just a handful of the Elysian Tower's 214 luxury apartments show any glimmer of life.

Hailed by its developers as Ireland's tallest building, cynics have now rechristened the 17-storey development The Idle Tower after the nearby Idle Hour pub.

The 150 million euro (£134 million) Elysian joins a list of high-profile developments which were constructed at the height of the Celtic Tiger splurge and opened as the property bubble began to burst.

A spokesman for the developers behind the Elysian, O'Flynn Construction, declined to reveal figures but admitted sales could be swifter.

"The ground floor is well-established with retail activity," he said. "In the other parts of the development - the residential, because of the environment we're in now, that's slower than planned."

Just over 40% of the complex's commercial area has been filled with a medical centre, bank and restaurant.

Rose McKenna, manager at the El Vino restaurant, said business was steady despite the empty units and apartments.

"When the owner bought this place she had a view to the fact that all the retail outlets would be rented out and she'd have had business from that," she added. "We're near City Hall and the council so we get a lot of business from that and from the new medical centre. I'm sure we'd have a lot more if all the outlets had been leased out but we're hopeful that they will be rented out. As with everywhere things are just on a bit of a go-slow at the moment."

The Elysian Tower was opened in September 2008 by then Deputy Lord Mayor of Cork Patricia Gosch and rugby star Ronan O'Gara. Prices at the time ranged from 375,000 euro (£335,000) for a one-bedroom apartment to 2 million euro (£1.8 million) for a top-of-the-range penthouse.