Thanks for all of the feedback guys, the agents are looking too much for the property (€400,000). I have made a significantly lower offer and will see how things pan out over the coming weeks.
It's a cool looking building and would have a great image as a studio, here's the online brochure:
http://www.hok.ie/images/commercial/10005352/10005352_brochure.pdf

I'm not sure what studios in the States are like but in Ireland they generally don't supply amps, or cabs or evn have a stand alone guitar rig let alone anything other than a bottom of the range drum kit minus hi-htats, pedals and cymbals...

I'm looking to put a studio together with good gear that musicians actually want and gear that engineers trust and have experience with. If this one doesnt work out I'll keep looking and will post back.