Dublin City Council has granted planning permission for the demolition of the former Anglo Irish Bank headquarters on St Stephen’s Green.

The council gave the green light to Irish Life Assurance subsidiary Stephen Court Ltd for a proposed seven-storey office block in its place at 18-21 St Stephen’s Green, The Journal reported.

Despite concerns from trading and investment firm Cantor Fitzgerald and a nearby private members club over the impact of the construction phase of the new office block, plus the council’s Conservation Division submission that the demolition “of this architecturally significant structure is not justified”, the council gave the assent.

The former Anglo Irish Bank building is also seven storeys high, but the gross floor area of the new scheme will be double what is currently in place, rising from 151K SF to 302K SF.

“It is regrettable that an example of the distinguished architect Andy Devane’s work should be demolished but on balance given the constraints within this building it is considered that the demolition and the re-development of this site with a well-designed modern building with a simple palette of materials is acceptable in this instance,” the council planner’s report says.

Cantor Fitzgerald has its Irish headquarters next door at Cantor Fitzgerald House at 23 St Stephen’s Green.

In its submission, planning consultant for Cantor Fitzgerald Ann Mulcrone said that the prospect of up to four years of construction of the office block “poses a significant risk to the normal and successful trading operations”, covering over 40% of Cantor Fitzgerald Ireland’s lease duration.

Private members club the Kildare Street and University Club also raised concerns over the construction impact on its operation.