Friday 28 October 2016

Mara's old haunt sells for almost double guide price

Published 26/05/2016 | 02:30

Kennedy's in Drumcondra has been sold for close to €1.7m
Kennedy's in Drumcondra has been sold for close to €1.7m

The late PJ Mara's local has changed hands for nearly double its original asking price.

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Kennedys in Drumcondra went on the market earlier this year through CBRE with an asking price of €900,000.

However after what the agents described as "considerable interest" it is believed that the pub ultimately changed hands for close to €1.7m.

A consortium of businessmen headed by Eamonn Scully are believed to have taken over the property.

Kennedy's is a traditional style two storey licensed premises which has been in the ownership of the Kennedy family since 1961. It is situated on along a parade of commercial properties midway between the intersection of Hollybank Road and Botanic Avenue with rear access from Victoria Lane.

It was put up for sale on the instructions of Michael Kennedy, who is retiring after a lifetime in the business. The Kennedy family had operated the pub since 1961.

Mr Mara along with other top Fianna Faillers including former taoiseach Bertie Ahern met there regularly as well as in other pubs nearby.

Behind the distinctive facade of Kennedys is a traditional style licensed premises comprising a ground floor public bar with timber and terrazzo flooring and a lounge bar with a small kitchen located behind the bar. To the rear of the bar area there are ample keg and bottle storage areas with rear access from Victoria Lane.

Overhead there is residential accommodation comprising six rooms, two kitchens and two bathrooms. The entire accommodation extends to approximately 655 sq m.

CBRE's John Ryan handled the sale.

When launching the property to market, he said it was "a unique opportunity to acquire a long established licensed premises offering considerable business potential".

"Currently run on conservative lines, the opportunity now presents itself to expand the existing trade to incorporate a new food and drink offering.

"The premises is presented in good condition throughout with obvious potential," he added.

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