The Globe Bar Acquired In €3m Deal; Clonskeagh House Purchased For €500k

By Publications Checkout
The Globe Bar Acquired In €3m Deal; Clonskeagh House Purchased For €500k

The Globe Bar and nightclub has been bought in a deal worth around €3 million by property developer Jerry Conlan.

Conlan, who owns the nearby Central Hotel, is backed by New York business development company Garrison Capital, who are valued at $4.6 billion, and according to The Sunday Business Post, the deal was agreed with developer Greg Kavanagh last week. Conlan's previous developments include the 400-acre Millennium Park in Kildare and Mount Carmel Medical in Kilkenny.

Kavanagh had acquired The Globe around 18 months ago, however there was a protracted battle for it. At the height of the Celtic Tiger era, the building had been sold for an estimated €6.5 million. Kavanagh and his original business partner Pat Crean, who parted last year, specialised in buying parcels of development land at greatly reduced prices during the recession. He is reportedly working on a variety of new business plans, including purchasing The Clonskeagh House out of receivership in a €500,000 deal as well as a social housing project in collaboration with the Father Peter McVerry organisation.