Tuesday 18 September 2018

Landmark Bakers Corner and Forge guiding at €5m

The Bakers Corner pub with adjoining investment property in Co Dublin known as, The Forge
The Bakers Corner pub with adjoining investment property in Co Dublin known as, The Forge
The Bakers Corner pub with adjoining investment property in Co Dublin known as, The Forge
Ronald Quinlan

Ronald Quinlan

Agent CBRE is guiding in the region of €4.75m to €5m for the landmark Bakers Corner licensed premises and an adjoining investment property known as The Forge, at Kill O'The Grange in Dun Laoghaire, Co Dublin.

Bakers Corner is a long-established pub prominently situated at the junction of Rochestown Avenue/Pottery Road and Kill Lane/Kill Avenue within close proximity to the seaside town of Dun Laoghaire. The property is located next to the imposing Kill O'The Grange Catholic Church and is within a short walk of the Institute of Art, Design and Technology (IADT) which has over 2,200 students.

It is set in a densely-populated residential area surrounded by numerous affluent suburbs including Blackrock, Cabinteely, Foxrock, Dalkey and Deansgrange which have a combined population in excess of 86,000 people (Census, 2016). The property is also close to many new residential developments, most notably the Cosgrave Group's Honeypark development at Kill Avenue which, when completed, will have approximately 1,600 houses and apartments.

Major employers in the area include Argan Pharmecuticals while the National Rehabilitation Centre is close by. The property is also convenient to Leopardstown Racecourse which is a short drive away.

Bakers Corner is an extensive, traditional-style, two-storey over part-basement licensed premises which is presented in excellent decorative order throughout. The accommodation, which extends to 1,180 sq m (12,700 sq ft) comprises a ground-floor lounge bar with carvery area, public bar, fully-fitted and equipped catering kitchen and an off-licence. On the first floor, there is a self-contained function room, stores and offices. In the basement, there is a purpose-built cellar with delivery access through a service yard. Outside there is a smoking area and an extensive car park with parking for 110 car spaces.

Bakers Corner is a successful and highly-profitable licensed premises which generates a substantial level of food, drink and off-licence turnover annually.

The Forge investment property comprises a combination of three retail units, an office unit, and three duplex apartments. The purpose-built investment building is presented in excellent condition with two independent passenger lifts serving the property. The combined rental income is in excess of €150,000, with €80,000 of this derived from the anchor tenant, Paddy Power Betfair, T/A Paddy Power bookmakers who have a 20-year lease.

The entire property occupies a site area of 0.5 hectares (1.235 acres) and offers alternative use possibilities subject to the necessary planning consents. The property is zoned 'Neighbourhood Centre' (NC) under the Dun Laoghaire Rathdown Development Plan 2016 - 2022 "to protect, provide for and/or support neighbourhood centre facilities".

John Ryan of CBRE's hotel and licensed division says the sale of Bakers Corner and The Forge offers a "once in a lifetime opportunity to acquire a well-established and highly-successful licensed premises with substantial annual turnover supported by generous rental income from the investment property".

Mr Ryan adds that the sale of Bakers Corner also provides the prospective purchaser with alternative development opportunities subject to the necessary planning consents being obtained.

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