Four Dublin Pubs Were Sold During The First Quarter Of 2021
Four Dublin pubs were sold during the first three months of 2021, according to John Ryan of Bagnell Doyle MacMahon Commercial Property Consultants.
As reported by The Irish Independent, Ryan estimates that the sales of the four pubs generated a total of €5.6 million.
The Pubs That Were Sold
The 108 of Rathgar in Dublin 6 on the south side of the city was sold via estate agent Lisney's licensed and leisure division, Morrissey's, which had been quoting €2.2 million for the 4,532 square foot property.
The property that houses The 108 was generating annual rent of €147,744, almost half of which was generated from four upstairs apartments. The property's ground floor and basement licensed premises was leased to Pizza Elite Limited, which operates under the Galway Bay Brewing Brand.
The Magpie Inn of Dalkey, which is also on the south side of Dublin, is believed to have been purchased by an investor. The 4,537 square foot property was being sold by agent Burke Kennedy with a guide price of €850,000. It includes a pub, a restaurant, a function room and a duplex own door apartment.
The Cabra House of Fassaugh Avenue in Cabra, Dublin 7, on the north side of the city was also sold via Lisney's licensed and leisure division, Morrissey's, which had been selling it with a guide price of €850,000.
The 8,611 square foot property is located on a 0.27 acre site in a retail parade with access to the front and rear. A feasibility study stated that it has potential for more than 12 apartments over ground floor commercial outlets.
The fourth Dublin pub that was sold during the first quarter of the year is reportedly also located on the north side of the city.
Desire To Purchase Pubs
According to The Irish Independent, Ryan said that the desire to purchase pubs is reflected in a number of off-market deals that are currently in the pipeline, which he expects will transact during the second quarter of 2021.
The Irish Independent quotes Ryan as saying, "Many of these sales are of landmark pubs in prime locations with significant business potential and at prices that reflect the long-term attractiveness of the business. While funding remains a challenge, new and alternative sources of funding are being sourced coupled with creative deal structures."
The Irish Independent also quotes Ryan as saying that, even though non-publicans dominated the purchases, many publicans "have not given up the fight and will be back doing what they do best - serving good food and drink in a friendly manner".
First Quarter Of 2020 Comparison
During the first quarter of 2020, 12 Dublin pubs were sold, with a combined capital value of almost €46 million. Many of those 12 pubs were reportedly sold for alternative use and new development purposes.
© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.