Tuesday 19 March 2019

Landmark Foxrock pub with scope for 70 apartments guiding at €12m

The Magic Carpet pub
The Magic Carpet pub
Ronald Quinlan

Ronald Quinlan

Agents Lisney and Morrissey’s are expecting to see strong interest from a range of prospective purchasers for the landmark Magic Carpet public house in Cornelscourt in south county Dublin.

Located between the sought-after suburbs of Foxrock and Cabinteely, the property is being offered for sale by tender along with adjoining lands of 2.7 acres for a guide price of €12m.

Ariel: The Magic Carpet
Ariel: The Magic Carpet

The property offers significant potential for redevelopment as pure residential, commercial or mixed use scheme.

The site is zoned part residential and part neighbourhood centre under the Dun Laoghaire Rathdown Development Plan 2016-2022.

While the site has no recent planning history, a feasibility study drawn up by O’Mahoney Pike Architects suggests that it could potentially accommodate a development of 70 or more apartments, four detached houses, and 1,000 sq m (10.764 sq ft) of commercial space comprising a new public house of over 300 sq m (3,230 sq ft) and retail units.

The site’s topography indicates that car parking could be accommodated underground.

The potential value of the Magic Carpet site was evidenced as recently as last November with the sale by Dunnes Stores of a 1.26 acre site near the pub’s premises in Cornelscourt. The site was acquired by a group of private investors for a sum in the region of €32m - or €25.4m an acre - after being offered to a targeted list of potential purchasers.

Lisney and Morrissey’s expect the Magic Carpet and its site to attract interest from developers owing to its location in close proximity to a range of key transport links serving Dublin city centre. The subject property sits immediately beside the N11, QBC, and is within a short distance of the Luas Park & Ride at Carrickmines and the M50 motorway.

Notwithstanding its potential for a pure residential scheme, the Magic Carpet public house is expected to draw interest from publicans looking to maintain and develop its existing business. The Crowley family have run the Magic Carpet since the 1950s and, after almost 70 years, have decided to retire from the business.

The pub and the lands are being offered for sale in one or more lots reflecting potential market interest in acquiring the pub in its own right with a frontage of over 40m. The upper floors of the pub currently operate as an art gallery and theatre and all businesses to include pub, off licence, art gallery and theatre are trading as usual. The pub car park comprises 27 spaces and adjoins the Magic Carpet Centre shops with 35 car spaces. The property on sale includes two dwellings situated on the lands to the rear and which enjoy independent vehicular access from Gort na Mona Drive in Foxrock.

The selling agents have set a tender return date of 12 noon on Friday, March 22 next.

All enquiries should be directed to Ross Shorten or Tony Morrissey.

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