Auction to set €800,000 bar for pub sales
The pub market will be enlivened by three auctions of Cork, Mullingar and Newcastle West properties scheduled for the next four weeks. Each pub is guiding around €800,000.
The Mullingar pub, formerly known as Gillerans, comes with substantial investment and development potential and is to go for auction on November 24. The agents Savills have reduced the guide price from the former €975,000 asking price to€750,000.
As well as frontage onto both Harbour St and Friars Mill Road the combined site area extends to 0.202 acres and has planning permission for a mixed-use scheme.
The pub's ground floor extends to 278sqm and over head 151 sq m of residential accommodation. Adjoining to the east is 1 Friars Mill Road, a house in three flats, adjoining Harbour Place Shopping Centre.
Vehicular access to the back yard is also available from Friars Mill Road.
Adjoining on Harbour St are two redbrick period houses each extending to 125sqm and these have planning permission for conversion to offices.
Today in Cork The Lakelands Bar in Mahon will go under the hammer. Downing Commercial are guiding €800,000 for the 929sqm pub on a large site. Its short lease is generating €52,000 a year.
Meanwhile in Limerick on November 23, Mick McCoys Bar, in Newcastle West, Co Limerick, will go for auction.
Charles O'Brien is guiding €800,000 for the 743sqm bar and restaurant with 93sqm of offices and accommodation and a large car park.
In Dundalk last week one of area's best known hostel- ries, The Malt House on the Dublin Road, was sold for €600,000 through agents Gunne Property.