McGowan buys The Kestrel for just over €2m
Published 23/11/2011 | 05:00
Dublin publican Michael McGowan has bought The Kestrel pub (right) at Walkinstown Cross in Dublin 12 for a price believed to be over €2m making it the highest price paid for a Dublin pub this year.
Mr McGowan previously owned McGowan's of Churchtown and Phibsborough and plans to retain The Kestrel name and re-open it before Christmas.
Bank of Ireland is the vendor. The agents, CB Richard Ellis, have not disclosed the selling price but had quoted a guide in excess of €2.5m when offering the premises for sale earlier this year.
In 2004 the pub set a then record price of €7.3m when it was bought by Graham Canning. Four years later in 2008 it was brought to auction with a €10m AMV but withdrawn when the bidding peaked at €7.5m and was not sold.
Closed since last December, The Kestrel occupies a high profile trading position overlooking the busy Walkinstown roundabout. John Hughes of CBRE says its catchment area includes Crumlin, Drimnagh, Kimmage and the industrial parks on Greenhills and Ballymount Roads.
Its floor area extends to 1,100sqm on a 0.3 acre site. The accommodation comprises ground floor lounge bar, public bar and a former off license.
On the first floor there is a large function room and catering kitchen while a basement provides storage.
The only other Dublin pub to sell this year was Cassidys of Westmoreland St, which was sold for less than €1m.