Saturday 16 December 2017

Last of the Thomas Read pubs on market at €2.25m

The Thomas Read pub and The Oak Bar, located at the corner of Dame Street and Parliament Street, are being offered for €2.25m
The Thomas Read pub and The Oak Bar, located at the corner of Dame Street and Parliament Street, are being offered for €2.25m

Donal Buckley

THE last pub to be sold in the Thomas Read pub chain, built up by the late Hugh O'Regan, has been brought to the market this week.

Located at the corner of Dame Street and Parliament Street, the Thomas Read pub and The Oak Bar are being offered for sale with 10 self-contained apartments and a €2.25m price tag.

Agent Tony Morrissey says that the Thomas Read with its entrance on the corner and the Oak Bar with its entrance at 81 Dame St/12 Crane Lane can be operated either as separate self-contained businesses or as combined businesses, with floor areas extending to 424sqm. Its basement accommodation has most recently been utilised as a late bar/entertainment venue.

On the first, second and third floors, the apartments include four over the Oak Bar with two-bedroom accommodation in each. Units in this group have self-contained separate access from Crane Lane.

The other six are one-bedroom units with access from Parliament Street and Dame Street.

The entire property is being sold on the instructions of asset receiver Martin V Ferris.

Before the market peaked, Mr O'Regan and his partners sold the chain for €35m in 2003 to a group which included Simon Kelly, son of developer Paddy Kelly.

After the downturn in the pub trade was exacerbated by the economic crash, the chain was put in receivership in 2008.

Since then the other pubs in the chain have been sold or have had their leaseholds sold on/reassigned.

They include The Bailey on Duke Street, which was sold to the Fitzwilliam hotel group, and Searsons on Baggot Street, now operated by Charlie Chawke.

Others include The Winding Stairs and Pravda, Ormond Quay/Liffey St; The Globe and Ri Ra, South Great Georges Street; The Harbourmaster Bar, IFSC; Thomas Read, Parliament St; Floridita, Abbey Street; Dawson Lounge and Ron Blacks, Dawson Street; Thomas Read, Smithfield; Lincoln Inn, Lincoln Place and eight bars at Dublin Airport.

Irish Independent

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