Thursday 20 June 2019

Pubs for sale on Dublin tourist trail and commuter belt

James St properties could generate 9pc yield

Ryan's pub, Ratoath, Co Meath
Ryan's pub, Ratoath, Co Meath
JK Stoutman's, James Street, Dublin
Donal Buckley

Donal Buckley

Two pubs and an investment property in the greater Dublin area have been brought to the market through Morrissey's Lisney. The agent has set June 14 as the deadline for final offers on both lots which will be sold separately.

One of the lots is in James Street, Dublin 8, near the corner with St Patrick's Hospital. The other is in the fast-growing commuter village of Ratoath, Co Meath.

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The Dublin lot comprises two adjoining investment properties at 126/133 James Street, Dublin 8. Modern, purpose-built units, they generate combined annual rental income of about €49,800 and with a combined €600,000-plus guide price, this suggests a gross yield of about 9pc.

The entire lot extends to 730 sq m located in a modern part three- and part four-storey over double basement mixed use development.

Of this space, 625.09 sq m is located in the ground, first floor and basement of JK Stoutman's pub. It is let to Stoutmans Limited at a passing annual rent of €42,000 on a lease which is due to expire in January 2021.

Its ground floor extends to 334.42 sq m. The first floor-level 152 sq m section is located to the rear of the property and is a gallery section overlooking the rear lounge bar. The upper level is also independently serviced by its own bar facilities.

According to Rory Browne of Morrissey's Lisney, the pub has a high volume food and beverage business augmented by music entertainment. It also benefits from the tourist trail, which runs from Trinity College to Royal Hospital Kilmainham.

The adjoining retail premises extends over ground floor and basement and is let to Malai Daoreeram at annual rent of €7,800, trading as Mah-Tech, which specialises in sale and repair of electrical goods. Its lease is due to expire in May 2021.

The vendor is the receiver of certain assets of Ashburton Construction Ltd.

Morrissey's Lisney is also guiding €300,000 for Ryan's pub in the rapidly expanding town of Ratoath. A traditional premises, it extends to 478 sq m over two storeys. Its 412 sq m ground floor includes a public bar, lounge, dining and small function room areas with kitchen, toilets and storage areas. Its first floor accommodation, which was formerly a residence, comprises four rooms.

While the pub ceased trading about 18 months ago, its licence is intact and ready for transfer.

The site area includes parking for about 11 cars. Located on the Main Street, it is opposite the Catholic church and adjoining Corballis Neighbourhood Shopping Centre and other neighbourhood facilities.

Despite seeing a rapid growth in its population to more than 11,000 in the 2016 census, there are only three pubs in Ratoath, of which Ryans is one. It is being sold on the instructions of a receiver at E&Y.

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