Office redevelopment opportunity off St Stephen’s Green for €13m

Strong interest is expected in Montague Court, a 1970s office building primed for redevelopment in Dublin’s city centre. It is being brought to market by HWBC, guiding €13 million, identifying it as an “excellent opportunity” to purchase a substantial asset/site, with secure short-term income and significant development potential in a prime city location.
Completed in 1973, and home to the Department of Children, Equality, Disability, Integration and Youth, Montague Court is an early second generation modern office building. It was refurbished around 1999/2000 and extends to about 2,500 sq m (27,000sq ft). The offices are laid out over three floors over double height reception, with car parking at ground level. The office block is effectively set on stilts. There is also a small mews building within the grounds of the property.
As well as the aforementioned department, the property’s other tenants include the Legal Aid Board and Romeril Forensic Engineers. Fully let and occupied, the property currently produces annual income of about €1.25 million. However, significantly, all leases are set to expire next year on May 31st, 2025.
Formerly known as Bell House, Montague Court was originally developed by Hardwicke. It occupies a site area of approximately 0.157ha (0.389 acres) and is materially underdeveloped reflecting its age. The buildings BER rating is E1, and it no longer meets contemporary office occupier requirements, in particular from a sustainability and energy efficiency perspective.
Agents HWBC say that the site’s potential is not being maximised and the property is ripe for redevelopment. Given its central location it is expected that it would be suited for a number of uses, including student accommodation, hotel or offices as it is located in Zone Z5 – city centre.
The site has significant development potential. Feasibility studies by RKD Architects have identified significant development potential for a new eight storey over-basement office building of about 9,600sq m (103,000sq ft) GIA, or alternatively a new 133-bedroom hotel. A purpose built 154-unit student accommodation block could also be an option – all subject to planning permission.
The property is located on Montague Street, which links Harcourt Street with Camden Street and accessed off Montague Lane. This is a prime Dublin 2 location and surrounded by a vibrant mix of retail, hospitality, leisure and culinary amenities in the Camden Street/Wexford Street area.
The area has seen substantial renewal and development in recent years, including the nearby Wythe Building and the Greenside Building, a new 10 storey office building under construction on Cuffe Street.