Anglo to recover €2m in pub sale
Sale: The Madison public house in Rathmines
Wednesday November 25 2009
STATE-OWNED Anglo-Irish Bank is set to recover about €2m from the sale of The Madison public house in Rathmines, Dublin 6. Publican Chris Kelly has bought the pub for more than €2m.
Mr Kelly’s group also operates The Capital Bar in South Great George’s St., Sinnotts in the Stephen’s Green Centre in Dublin city centre and Swiss Cottage in Santry.
The agents, Morrisseys, had quoted a guide price of €1.8m to €2m and received seven proposals in response to their marketing campaign. Anglo-Irish Bank repossessed the pub from publican Eddie O’Donoghue and appointed Martin Ferris as its receiver.
Of some six pubs operated by Mr O’Donoghue, another two were repossessed by Permanent TSB Bank and closed down — The Parnell Mooney and Conways in Parnell St, Dublin 1.
Morrisseys subsequently sold Conways to developer Joe O’Reilly for about €4m. Mr O’Reilly’s Chartered Land is developing Dublin Central in nearby sites on O’Connell St and Moore St. Morriseys is quoting €2m for the Parnell Mooney and has received some proposals to acquire a lease with an option to buy.
