The leasehold interest of Dublin's Old Stand pub has been sold to publicans Eamon and Michael O'Malley for a sum thought to be in the region of €3 million, bringing the total number of pubs sold in Dublin in 2018 to date to 18, with a combined value of €33 million.
The Old Stand was put on the market by the Doran brothers alongside companion pub Davy Byrnes, with the Louis Fitzgerald Group expressing interesting acquiring both premises before the O'Malleys purchased the former venue, as reported by The Irish Independent.
Specialist pub agent John P Younge has set a November 22 deadline for best and final offers for Davy Byrnes, which is being sold for €6 million.
Commenting on the capital's pub sales this year so far, John Ryan of CBRE noted that a key feature of the pub market in 2018 has been the purchase of licensed premises for alternative uses. As an example, Ryan pointed to the impending sale of Kiely's of Donnybrook, which was marketed as a development site.
© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.