Mercantile Group seeks €2.625m for two pubs
Published 02/06/2016 | 02:30
QRE has been retained to sell two pubs on behalf of the Mercantile Group with a combined asking price asking price of €2.625m.
The first property, The Bottom of The Hill is said to be located on a "prominent site" on Main Street Finglas.
QRE say the pub is a "sizeable fully let investment", which extends to approximately 1,003 sq m (10,797 sq ft).
The existing licenced premises is currently occupied under a short term agreement at an annual passing rent of €75,000. In addition, Paddy Power occupy a ground floor retail unit under a ten year lease, which expires in 2019 at an annual passing rent of €35,000.
Two further restaurant/takeaway operators account for the balance of the rent roll. Marcolino's Restaurant & Takeaway occupy a corner ground floor unit under a 20 year lease expiring in June 2021 at an annual passing rent of €28,000.
The majority of the first floor is occupied by the Rose Garden Chinese restaurant under a 10 year lease expiring in 2019 at an annual passing rent of €50,000, although this is currently abated to €41,600. In total, the investment is producing €179,600 and at the guide price of €1.75m, it indicates an attractive net initial yield of 9.82pc.
The second property, Páídí Óg`s in Mulhuddart has ceased trading in recent years and offers a prime development opportunity in the centre of the Village.
The site, which extends to approximately 0.40 ha occupies a corner site at the junction of Blackstone Road and Church Road. It is zoned part 'Local Centre' and part 'High Amenity' within the Fingal Development Plan 2011-2017 and uses permitted in principle (under Local Centre) include residential, supermarket and health centre. QRE is quoting a guide price of €875,000 for the site. Conor Whelan and Bryan Garry of QRE are handling the sale.
The Mercantile Group, which is one of the largest independently owned hospitality businesses in Ireland.
The sale comes after the group merged with Capital Bars and is thought to be a rationalisation of the group's existing portfolio which may allow for more acquisitions in the near future.