Former EBS headquarters hits market at €7.5m

The former headquarters of the EBS beside the railway line at 155 Townsend Street in Dublin 2 is fresh to the investment market this week with Colliers International guiding €7.5 million.

This 1980s block is likely to be redeveloped for offices, hotel suites or student accommodation. It is located in an area which has seen a number of large planning applications lately and, given its proximity to public transport, it is probable that the 0.3-acre site will accommodate a much larger development – subject to planning approval.

The vendors commissioned a feasibility study by John Fleming Architects on possible options for replacing the block and this suggested a nine-storey building with 119 hotel suites or a scheme of 168 student accommodation beds. A seven-storey office building with 4,248sq m (45,723sq ft) was also suggested.

Zoning on the site is Objective Z5: to “consolidate and facilitate the development of the central area, and to identify and reinforce and strengthen and protect its civic design character and dignity (mixed use)” in accordance with the Dublin City Development Plan 2011- 2017.

The four-storey over basement building has 2,264sq m (24,369sq ft) and includes a courtyard, parking for 16 cars and an external stores/workshop. Pedestrian and vehicular access is off Townsend Street and there is secondary access off Brunswick Villas.

Anthony Nicholas Ltd occupies the building on a new five-year lease at an annual rent of €450,000. This lease includes a mutual break option at the end of year two and a rolling mutual break option thereafter.

"This ensures that the property will generate an income while the purchaser designs a scheme and seeks planning consent," says selling agent Richard Bielenberg.

Nearby occupiers include Trinity City Hotel, Ulster Bank, The Irish Times and Trinity College. The large George's Quay office scheme is on the other side of the railway line while St Stephen's Green and Grafton Street are within a short walk, as is the Dart at Tara Street station.