Asking price of €5m for Burge Group Dublin pubs
FIVE pubs in and around Dublin have been put up for sale with an asking price of close to €5m.
On behalf of the Joint Receivers to The Burge Group Limited, which is in receivership, Stephen Tennant and Paul McCann of Grant Thornton, JLL have been appointed to offer for sale the portfolio of licensed premises concentrated in the south Dublin area.
The Burge Group is an established pub portfolio that JLL say presents prospective buyers with "the opportunity to secure one or more well-known and reputable licensed premises, situated in the well-populated and growing suburban areas of south-east Dublin".
The properties also present prospective purchasers with an opportunity for improved trading performance and asset management.
The Burge Group comprises a total of five pubs stretching from Dun Laoghaire to Bray, all located within 20 minutes' drive of each other.
The properties for sale are:
* Walters Café Bar, 68 Georges Street Upper, Dún Laoghaire, Co Dublin.
* Scotts Bar, 17 Georges Street Upper, Dún Laoghaire, Co Dublin.
* The Ramblers Rest, Ballybrack, Co Dublin.
* The Sallynoggin Inn, Sallynoggin Road, Co Dublin.
* Chrissy D's, Vevay Road, Bray.
Dan O'Connor, who is vice-president for JLL Hotels & Licensed Leisure, said the pubs would be available either as one lot or individually.
"The Burge Group, which is a substantial wet-led pub portfolio, will be offered for sale in the coming weeks on both an individual and portfolio basis.
"We will be seeking offers in the region of €5m for the combined and we are expecting strong domestic and international interest."
JLL managing director John Moran added: "There have been very few pub opportunities of this nature to come to the market in Dublin in recent years.
"This is a rare operating platform and we are seeing improved investment activity and buyer sentiment across all commercial property sectors in Ireland, including the licensed premises sector".
This is the third major deal to involve JLL since they moved into the hotel and licensed sector earlier this year.
JLL have been mandated to sell one of Dublin's largest hotels – the Portmarnock Hotel & Golf Links, the Mount Carmel hospital and now the Burge portfolio.
The Burge collection is the latest in a line of pubs and hotels to have hit the market in recent months, with interest in the sector increasing as the economy begins to turn. However, most have been receiver sales such as this, with few deals being done that don't involve distressed assets.