30 Dublin Pubs Sold For €43m In 2016; Sale Prices To 'Trend Upwards' In 2017
CBRE Ireland has released statistics on the volume and value of pub sales in the Dublin market in 2016, which shows that a total of 30 pub properties were sold for more than €43 million during the last year. The previous year, 2015, saw 35 pub sales in Dublin totalling €40 million between them.
Some notable Dublin pub properties that were sold in the last 12 months include The Grafton Lounge (later reopened as Lemon & Duke by Irish rugby stars Jamie Heaslip, Sean O'Brien and Rob and Dave Kearney); Kennedy's on Westland Row in Dublin 2; Howl at the Moon on Mount Street in Dublin 2; and Kennedy's in Drumcondra, Dublin 9.
Commenting on the year, John Ryan, director of CBRE Hotels said: "The number of Dublin pub properties changing hands in 2016 was down on the previous year, with 30 Dublin pubs having sold last year compared to 35 in 2015. Conversely, an improvement in trading conditions in Dublin is reducing the number of licensed properties that are being offered to the market for sale. There are now fewer instances of distressed sales in this sector of the market with a notable increase in the number of consensual pub sales over the last 12 month period in particular.
"While the total capital value of the Dublin pub market has remained relatively stable over the last few years, the average price achieved for Dublin pubs has continued to trend upwards. The average sale price is expected to increase further in 2017 considering that trading conditions in this sector continue to show signs of improvement."