Howth pub sells for nearly 50pc above €900k guide price
Published 28/08/2014 | 02:30
ONE Of the top pubs in Howth has been sold for nearly 50pc more than its guide price.
The Abbey Tavern is a historic hostelry renowned for its traditional Irish nights. The property was offered for sale in May on the instructions of receiver Tom Kavanagh of Deloitte, with a guide price in excess of €900,000.
It is understood it was finally sold for €1.3m.
The Abbey Tavern is situated in the picturesque fishing village of Howth and because of its beautiful coastal location has long been a popular destination venue for tourists, day trippers and locals alike.
The Abbey Tavern is one of Ireland's best known traditional pubs. Behind the distinctive façade lies a unique "olde world" bar of immense charm and character with many original features such as the flagstone floor, timber beamed ceilings and open fires. The two storey/part three storey property extends to over 650sqm of accommodation and comprises ground floor public bar together with The Barn entertainment venue which hosts the popular "Traditional Irish Nights" - an evening of Irish food, music and song.
John Ryan of selling agents CBRE stated that there was considerable interest in the property from many established publicans as the sale represented an excellent opportunity to acquire a landmark premises with substantial business potential.
The property was acquired by Richard Tobin whose family previously owned The Yacht licensed premises in Clontarf for many years.
When putting the pub on the market, CBRE's John Ryan said it was a "unique opportunity to acquire one of Dublin's most famous licensed premises, which is renowned as one of the great Irish folk music pubs".
He added: "At present, a very satisfactory level of food and drink turnover is generated from the premises and this sale offers an excellent opportunity to further enhance and develop the business potential of the premises. It has benefited from all the commercial and tourist activity that takes place in the area,"