Wednesday 18 July 2018

Appetite grows for pubs and restaurants

Fitzpatrick’s Bar & Restaurant in Co Louth
Fitzpatrick’s Bar & Restaurant in Co Louth
Miller & Cooke in Mullingar

Donal Buckley

Food and beverage has become a key performer in the retail property market - meaning investors, owner occupiers and developers will take an interest in an award-winning gastropub for sale in Co Louth.

Fitzpatrick's Bar and Restaurant, in the Cooley area of Co Louth, is on the market with a €1.5m price tag.

For over 20 years it has been one of the best-known gastropubs / restaurants in the county, winning numerous awards including Best Gastro Pub Michelin Eating out in Pubs award for the past five years and Best Traditional Pub in the Hospitality Ireland Awards.

The property has been extended to cater for 180 diners and a partially covered courtyard offers additional seating during the summer.

It stands on 8.57 acres, which offers development potential and had a previous grant of planning for an 18-room accommodation.

When trading until recently it generated a satisfactory level of turnover. Sherry FitzGerald Carroll is handling the sale on behalf of receivers at Grant Thornton and Brian Carroll says there is ample scope to reinstate and develop the business.

Located on a pivotal position on the scenic Carlingford routeway and a short drive from Junction 18 of the M1, it is also very convenient to visitors from Dundalk and Newry City.

Meanwhile, a new phenomenon in the food and beverage market has been the food hall, which combines restaurant, retail delicatessen and takeaway.

One such opportunity is Miller & Cook, 50 Pearse Street, in the centre of Mullingar town, which is available for sale or to let. Joint agents CBRE and Power Property are seeking offers in excess of €1.5m for the Co Westmeath freehold interest or €95,000 per annum for the ground floor. The upper floors are available to let separately at €35,000 per annum.

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Miller & Cooke in Mullingar

The property may also have development potential as the rear of the property can accommodate 23 dedicated car parking spaces. Furthermore the rear of the building is a single storey.

It has been fully re-modelled to the highest standards as a foodhall, bakery, café and restaurant at ground floor level, with a separately accessed restaurant at first floor level. The second floor is in use as offices, staff accommodation and toilets. The current owners will retire.

Comprising a three storey premises to the front with a two storey section in the middle and single storey to the rear, its total floor area extends to approximately 895 sq m, including a ground floor area of 519 sq. m. The front of the property faces Market Square House, the tourist information centre for Co Westmeath.

The offices of Westmeath County Council are also close by, while the refurbishment of Mullingar Court House on Mount Street is due to be completed imminently. Other nearby attractions include the Greville Arms Hotel and Cusack Park. The property dates from the 1860's.

Shane Cahir, director, CBRE Dublin says "the building has full planning permission for restaurant use and would suit a variety of businesses".

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