The well-known Baker's Corner pub on Rochestown Avenue in Dun Laoghaire, south county Dublin, has been acquired by a consortium supported by leading pub operators, the Loyola Group, for a figure in excess of €5m.
While the Loyola Group is a relative newcomer to the Irish pub market, it already operates a number of Dublin's foremost venues, including the Leopardstown Inn, The Old Spot and The Bath on Bath Avenue, and The Jar on Wexford Street. The group has also recently expanded into Portugal where they operate The Cheeky Pup Pub in Quinta do Lago.
Also included in the sale of Baker's Corner was The Forge, an investment property comprising three retail units, two office units and three residential duplex apartments with a combined rental income in excess of €150,000 per annum. The investment property was anchored by Paddy Power bookmakers who have a 20-year lease at an annual rent of €80,000 per annum.
John Ryan of CBRE's hotel and licensed division said the sale generated significant interest from a wide range of potential purchasers including publicans, developers and investors.
The property occupies a site area of 0.5ha (1.235 acres) in a zoned Neighbourhood Centre (NC) which provides additional future development opportunities.
Ryan handled the sale on behalf of well-known publican, John Brady, who has traded successfully from this location for over 25 years. Baker's Corner is a very successful and extensive licensed premises which generates a substantial level of annual food, drink and off-licence turnover.