Sunday 22 October 2017

City centre pub building on the market for €1.2m

Tara Fitzsimons

A building that forms one of the best known pubs in central Dublin has been put on the market, with an asking price of more than €1m.

CBRE have been instructed to sell 33 O'Connell Street, an investment property that forms part of the well known venue Murrays in the heart of Dublin. Offers in the region of €1.2m are being sought for the property.

The property sits at the northern end of the street close to the intersection with Parnell Street and Cathal Brugha Street. It is a short walk from the Savoy Cinema, Gresham Hotel and The Gate Theatre.

Immediately adjoining the property is the Findlater House office block where a new 195-bedroom hotel is planned. No 33 comprises a four-storey over-basement licensed premises investment property.

The other portion of Murray's – 34 O'Connell Street – does not form part of the sale. The original pub licence was extended from No 33.

Appeal

The accommodation is made up of a ground floor lounge bar, basement toilets and storage, first floor lounge with a further two floors of accommodation overhead. The premises extends to approximately 636sqm in total.

The building is let on a 30-year lease from June 1998 and the passing rent is circa €130,000 per annum.

CBRE's John Ryan, who is handling the sale, said the building would "appeal to both investors and established publicans who wish to acquire a long established pub property".

The property is the second on that O'Connell Street block to hit the market this year. The six-storey Findlater House, which was previously occupied by Eircom, was put up for sale with a guide price of some €4.5m last May. Garret Kelleher's Shelbourne Developments paid just over €30m back in 2005.

The Irish Independent revealed last week it was bought for a shade over €6m by a company owned by businessman Jalaluddin Kajani and his family. They plan to turn the property into a hotel.

Mr Kajani has Irish citizenship, having moved initially to Ireland in 1980 from Pakistan. The family own three boutique hotels in upmarket areas of London.

Mr Kelleher's acquisition of Findlater House had been financed by Anglo Irish Bank. Last December, Mr Kajani secured a limited injunction to prevent Anglo Irish Bank, then the Irish Bank Resolution Corporation, or receivers from Allsop appointed by the bank, from selling any of his assets, including two London hotels, in order to pay off a €21m debt. Mr Kajani claimed that he had been put under duress in 2007 and 2008 by Anglo to accept what he said were unsuitable terms for refinancing which caused his company to default on repayments.

Irish Independent

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