Former EBS building society HQ goes on sale in Dublin for €7.5m
Published 07/09/2016 | 16:54
The former Dublin city centre headquarters of the EBS building society has gone on the market with a guide price of €7.5m.
Built in the 1980s, Number 155 Townsend has a gross internal floor area of 2,264 sq m (24,369 sq ft), and sits on its own site measuring 0.12 hectares (0.3 acres) with parking for 16 cars.
A feasibility study carried out by John Fleming architects on behalf of the property’s current owners suggests that it could be replaced with a nine-storey building to suit 119 hotel suites or alternatively a scheme of 168 student accommodation beds. The architects also proposed a seven-storey office building with a gross internal floor area of 4,248 sq m (45,723 sq ft) for the site.
Number 155 is located on the southern side of Townsend Street, opposite George’s Quay. A number of large planning applications have been lodged on sites in the immediate area, and they cover a range of uses to include student accommodation, residential, offices, hotels and aparthotels.
The property is being sold by agents Colliers International with a new five-year lease to Anthony Nicholas Ltd with an annual rent of €450,000. The lease will include a mutual break option at the end of year 2 and there will be a rolling mutual break option thereafter. This will ensure that the property will generate an income while the purchaser designs a scheme and seeks their planning consent.
Agents Colliers International have suggested a guide price of €7,500,000.
Richard Bielenberg who is handling the sale says that: “Due to its central location and mixed zoning, we would expect good interest from student accommodation operators, hotel operators and developers looking to either refurbish the existing or redevelop the entire”.