Monday 24 October 2016

Tallaght bar and nightclub to be marketed for €650,000

Published 24/09/2015 | 02:30

CBRE is seeking €650,000 for Madisons Bar and Qube nightclub in Tallaght in Dublin.

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The investment is being offered for sale on the instructions of the receiver Declan Taite of Duff and Phelps. The tenant is not affected by the sale.

The investment property forms part of the Tuansgate office, retail and residential development which overlooks The Square Shopping Centre.

Madisons is a purpose built licensed premises and nightclub and extends to 1,595 sq m over ground floor, mezzanine and basement levels of a large, six storey residential and retail development.

The accommodation comprises ground floor lounge bar, mezzanine cocktail bar and a basement nightclub with extensive storage and catering facilities.

The investment property is let to Whitney Taverns Limited on a 15 year FRI lease from October 2014 at a rent of €72,000 per annum.

CBRE's John Ryan is handling the sale.

At the guide price, the property would provide a net initial yield of close to 10pc.

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