Friday 18 October 2019

Pick-up in pub sales activity sees four Dublin deals

Canalside pub and guesthouse comes for sale

The Kestrel pub at Walkinstown roundabout in Dublin
The Kestrel pub at Walkinstown roundabout in Dublin
Shanahan's of The Coombe
Donal Buckley

Donal Buckley

MORRISSEY'S Lisney, the estate agents who specialise in sales of pubs and licensed premises, has brokered eight pub deals in recent months.

Among them is the landmark Kestrel pub at Walkinstown roundabout Dublin which has gone sale agreed for more than its €1.8m. guide price.

As well as ample off-street parking, it also benefits from rental income from an adjoining investment which is let to Ladbrokes bookmaker which pays a rent of €24,000 plus Vat per annum.

During the boom it sold for a record price of €7.3m but after the crash it closed and was subsequently reported to have been bought for a much lower figure.

A number of this year's deals were seen in the Liberties area of the city. Shanahan's of The Coombe was bought by a publican for a price understood to be more than its €700,000 guide.

Vendor Liam Shanahan has retired after operating this pub for 21 years. It comprises traditional ground floor and first floor lounge bars extending to 2,572 sq ft. It also had scope for other uses upstairs.

Also in the Liberties, an investor has agreed to pay more than the €600,000 guide for an investment comprising Stoutman's pub and the adjoining Mah-Tech retail unit at 126-133 James Street, Dublin 8, opposite St James Hospital. The purpose-built properties generate combined annual rents of about €49,800.

Part of a modern mixed use development which includes apartments, the pub extends to almost 6,730 sq ft over the ground, first floor and basement and it generates a passing annual rent of €42,000 on a lease which is due to expire in January 2021. It is being sold by the receiver of certain assets of Ashburton Construction Ltd.

Nearby in Kilmainham, an established publican has also agreed to purchase Murray's pub which has been closed for some time. Morrissey's guided €700,000 for the modern, purpose-built, lock-up premises. Extending to 2,260 sq ft, it comprises a ground-floor bar and lounge as well as basement storage. It is on the tourist trail which runs between the Royal Hospital, Guinness Hop Store, Christchurch Cathedral, Dublin Castle and Trinity College.

In Tullamore, Co Offaly, a local publican is understood to be buying Gallagher's Manor for more than its €250,000 guide price. A three-storey mid-terrace premises it has a floor area of about 4,960 sq ft. Its accommodation includes eight upstairs flats which have separate access.

The latest business to come to the market is a pub and guesthouse known as Mary Lynch's overlooking the Royal Canal way at Kneadsbridge, Coralstown, Co Westmeath. Tony Morrissey is quoting €400,000 for the property which extends to almost 4,480 sq ft and stands on 0.67 acres. Next Thursday, July 18, has been set for full and final offers.

The three-storey premises accommodates a four-bedroom residence as well as four en suite guest bedrooms.

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