The Berkeley pub is first to be sold in Dublin in 2015
CBRE have confirmed the first pub sale of 2015 with the announcement that The Berkeley on Mountjoy Street, Dublin 7 has changed hands in a private treaty deal.
The Berkeley is located on Mountjoy Street in a densely populated residential area close to the Mater Hospital, Mountjoy Prison and the GAA headquarters at Croke Park.
The property, which is a large and extensive three storey over basement licensed premises with residential accommodation overhead, was sold on behalf of Tom Reddan who is retiring after a lifetime of dedicated service to the licensed trade.
The property was acquired by a private investor from Northern Ireland
John Ryan of CBRE who handled the sale stated that the sale of The Berkeley presented an excellent opportunity to acquire a popular and well run licensed premises which offered considerable business and has a lot of scope for redevelopmentpotential.
Mr Ryan would not be drawn on the price achieved but market sources suggest it achieved well in excess of the €375,000 guide price.
The Berkeley is a large and extensive licensed premises with residential accommodation overhead. The part four-storey over- basement premises is fitted out in traditional style and is presented in good condition throughout.
The accommodation comprises a ground floor public bar and a large lounge bar with customer toilets and a catering kitchen. In the basement there is a large cellar area. Overhead there is a four- or five-bedroom residential accommodation which currently provides valuable rental income.
The market for pubs has grown steadily in recent months with a host of licensed premises coming to the market. While most of them have been receiver distressed sales, more and more businesses are being put up for sale as straightforward trade sales.