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Thursday 18 September 2014

Chester Beatty Inn in Wicklow for sale with €600k guide

Published 10/07/2014 | 00:00

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The Chester Beatty Inn in Ashford, Co Wicklow

CBRE have been retained as agents for a Wicklow pub with an asking price of some €600,000.

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The Chester Beatty Inn in Ashford, Co Wicklow, has been put up for sale by way of private treaty.

The property is being sold on behalf of receiver Ken Fennell of Kavanagh Fennell.

According to the CBRE, the Chester Beatty Inn is located in the "heart" of Ashford Village, just off the main N11/M11 Dublin to Wexford Road.

The inn occupies a "high profile" trading location in the heart of the village and is close to the local GAA sports ground. The property is a two storey over basement licensed premises which has been extended over the years to the point where there is now an extensive lounge bar, catering and off-licence facilities including 12 guest bedrooms. In addition there is an extensive cellar and a former nightclub area offering alternative use potential. Outside there is extensive car parking to both the front and rear of the premises.

The property occupies a site of approximately 0.21 ha (0.51 acres) and is zoned "Town Centre" under the Ashford Local Area Plan 2008 - 2014 to provide appropriate development including retail, commercial, office and residential development.

John Ryan of CBRE, who is managing the sale, claimed the Chester Beatty Inn is a "well-known and landmark licensed premises offering considerable business potential".

"While the property has not traded for many months and would require some refurbishment prior to re-opening the sale offers the discerning purchaser an ideal opportunity to acquire an extensive property with the capacity to re-establish a lucrative food, drink, function and accommodation business," he said.

Because of the excellent road infrastructure, Ashford has an expanding residential population which commutes to Dublin which is less than 50 kms away. Ashford is approximately 6 kms north-west of Wicklow Town, 12 kms from Greystones and 25 kms from Bray and is an ideal tourist base to explore the many tourist attractions located in and around the surrounding Wicklow countryside such as Glendalough, Roundwood and Rathdrum.

This is the latest in a string of pubs that have been brought to the market on the instructions of a receiver.

The pub trade was hit particularly hard by the crash, as customers pulled in their spend on licensed premises. However the market has begun to stabilise in recent months and is believed to have bottomed out by now. There is scope for some growth seen in the market today.

By some estimates the licensed trade lost as much as 20pc of its sales between 2007 and 2012, but that decline has now flattened out. Optimism in the licensed trade is now on the rise for the first time since the crash.

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