Dublin, September 7th 2016 – Colliers International has been instructed to sell 155 Townsend Street, Dublin 2. No. 155 Townsend Street comprises a four storey over basement stand-alone office building, the building was constructed as the EBS Headquarters in the early 1980’s and has a gross internal floor area of 2,264 sq.m (24,369 sq.ft). The building sits on its own site measuring 0.12 Ha (0.3 acres) to include a courtyard, parking for 16 cars and an external stores/workshop. Pedestrian and vehicular access is directly off Townsend Street and there is a secondary access off Brunswick Villas.
The building would suit either a full refurbishment or the redevelopment of the entire, the vendors commissioned a Feasibility Study which was carried out by John Fleming Architects. The Feasibility Study suggests the building could be replaced with a 9 storey building to suit 119 hotel suites or alternatively a scheme of 168 student accommodation beds. The architects also proposed a 7 storey office building with a gross internal floor area of 4,248 sq.m (45,723 sq.ft).
The property is zoned 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 property is located on the southern side of Townsend Street, opposite George’s Quay. Townsend Street runs parallel to Pearse Street and both streets are undergoing significant regeneration at present. 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, office and hotel/apart hotel. The development of these sites will further enhance the City’s South Quays.
The surrounding area is home to many established corporate occupiers within the George’s Quay Development to include Ulster Bank, Twitter and Unicredit Group. The property is adjacent to the Trinity City Hotel and is within walking distance to all City Centre amenities, including a host of restaurants, bars and cafes. St. Stephens Green and Grafton Street are located within a 5-minute walk. The area is well served by a host of public transport facilities including numerous bus routes and Tara Street Dart station, which is 50 metres from the property.
The building will be sold 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.
Colliers International have suggested a guide price of €7,500,000 and Richard Bielenberg, Director at Colliers International, who is handling the sale believes 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’.
Richard Bielenberg, Divisional Director of Colliers International, is handling the sale with a guiding price of €7,500,000.