Dublin City Centre Pub Sells for €2.4M
The Clarendon Bar in Dublin 2 has been bought by Leitrim microbrewery owners James and Edward Dunne for a fee well over the guide price of €1.6 million.
The brothers, who own the Carrig Brewing Company in Drumshanbo, outbid 14 others prospective buyers to land the property, which went on the market in May.
The pub lies on Clarendon Street, sandwiched between the bustling Grafton and South William streets. According to the Irish Times, the bidding war may have came as a surprise to pub owners who have seen a poor demand in the sector of late.
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 Clarendon has an overall floor area of 378 square metres (4,068sq ft) including a ground floor lounge bar with an outside seating area.