Popular Dublin City Centre Bar On The Market
The Clarendon Bar in the busy Dublin 2 area, which in 2006 sold for €7 million, is back on the market with a guide price of €1.6 million.
The property was bought at the height of the boom by property developer Bernard McNamara for €7 million and leased it for €400,000 per annum. McNamara later ran into financial trouble during the Irish financial crises, with debts of €2.7 billion reported.
The bar was previously bought by Christian and Simon Stokes for €2.7 million in 2002, who also later ran into financial difficulty.
The bar will now be sold as most of the financial trouble surrounding the property has abated, according to the Irish Times, albeit at a €5.4 million drop in value.
The pub, based on the corner of Clarendon Street and Chatham Street, is in Dublin's bustling shopping and entertainment area, with Grafton Street and St. Stephen's Green adjacent.
John Ryan CBRE, who is handling the sale on the instructions of receiver Declan Taite of Duff & Phelps, is expecting considerable interest from both publicans and other retail players for the two-storey site.