Dublin City Council has approved plans from Kingstonway Limited to convert Ulster Bank’s former branch at 2-4 O’Connell Street Lower into a mixed-use restaurant, retail, and office development, while barring the venue from operating any takeaway food service, The Irish Times reported.
The Bottom Line
- Asset Conversion: Kingstonway Limited secured permission to transform 734sq m across the basement, ground, and mezzanine levels into a restaurant space, alongside 941sq m of upper-floor offices, following a €2.75 million guide price acquisition from Ulster Bank.
- Regulatory Hurdle: The local authority explicitly prohibited hot food sales for consumption off the premises, citing the Special Planning Control Scheme (SPCS) designed to limit fast-food density on the thoroughfare.
- High-Net-Worth Backing: The property project is driven by investors including eShopWorld founder Tommy Kelly and former BidX1 chief executive Stephen McCarthy through CastleGate Investments.
Planning Approval and the Takeaway Ban
Dublin City Council granted planning permission for the redevelopment of the historic banking hall, but attached a binding condition stipulating that the property “shall not operate as a takeaway (an outlet that sells hot food for consumption off the premises).” The decision directly invokes the Special Planning Control Scheme currently governing Grafton Street, O’Connell Street, and surrounding central districts.
Plans lodged for boutique hotel and speakeasy in former Dublin bank.Developers have submitted plans to convert the former Ulster Bank building at 130 Lower Baggot Street in Dublin into a boutique hotel featuring a speakeasy bar in the basement vaults, a 93-seat restaurant and… pic.twitter.com/401SMycpoo
The SPCS framework dictates strict policies on property uses, architectural conservation, building heights, and shopfront presentation. City councillors have long voiced apprehension over the high concentration of fast-food venues along O’Connell Street, where approximately a dozen establishments currently provide takeaway services.
Developer Backing and Property Acquisition
The venture is spearheaded by Kingstonway Limited, an entity tied to eShopWorld founder Tommy Kelly and former BidX1 chief executive Stephen McCarthy. Kelly accumulated a substantial portion of his estimated €1 billion fortune from the €600 million sale of ecommerce platform eShopWorld in 2021.
Since that exit, Kelly has directed capital into various domestic assets through CastleGate Investments, including a transaction to acquire estate agency Sherry Fitzgerald. The O’Connell Street property itself came to market a year prior when Ulster Bank offered the building at a guide price of €2.75 million.
| Project Metric | Specification |
|---|---|
| Property Address | 2-4 O’Connell Street Lower, Dublin |
| Previous Owner | Ulster Bank |
| Acquisition Guide Price | €2.75 million |
| Restaurant Allocation | 734sq m (Basement, Ground, Mezzanine) |
| Office Allocation | 941sq m (Upper Floors) |
Broader Retail Context and Taskforce Alignment
The municipal pushback against new takeaway operations unfolds as major international quick-service brands—including Popeyes, Wingstop, Dave’s Hot Chicken, Wendy’s, and Taco Bell—accelerate their expansion footprints across the Irish market. This commercial influx prompted intervention from civic authorities.
In 2024, a Dublin City Taskforce chaired by former An Post chief executive David McRedmond urged government intervention to revitalise O’Connell Street via the SPCS mechanism. The taskforce advocated for diversified mixed-use real estate incorporating residential, cultural, and night-time hospitality spaces rather than single-use retail models.
While Kingstonway Limited indicated in its planning filings that an international restaurant operator has expressed interest in leasing part of the building, the company did not clarify whether that operator intended to offer takeaway services prior to the council’s restrictive ruling.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
