Monday 16 September 2019

Pubs in Cork and Dublin to launch on market with €2.5m and €1.5m guides

Wilton business set to go for public auction

Brought to market: The Wilton pub in Cork has a €2.5m guide price
Brought to market: The Wilton pub in Cork has a €2.5m guide price
The Bowery pub in Rathmines, is guided at €1.5m
Donal Buckley

By Donal Buckley

ONE of Cork city's busiest licensed premises and a busy pub in Rathmines, Dublin 6, are being brought to the market this week by agents Lisney Morrissey's.

The Wilton Bar and Restaurant, in Cork city's western suburbs, is to go for auction next month with a €2.5m guide price. The Bowery licensed premises in Rathmines is to go for private treaty sale as a going concern with a €1.5m guide price.

The Peters brothers are selling the Wilton Bar where they traded successfully since they had the premises purpose built in 1991. Extending to more than 1,000 square metres, the two-storey premises is laid out with bar, lounge and dining accommodation on the ground floor, complemented by separate and self-contained restaurant and function accommodation at first-floor level.

Reflecting the pub's reputation with visitors to the nearby Cork University Hospital and Wilton shopping centre, the Wilton pub's annual turnover is in the order of €2.4m net food sales, or almost three times its substantial €830,000 net drink sales.

Both ground and first-floor levels are independently serviced by their own toilets, kitchens and beer garden/smoking areas.

The property also benefits from parking for 30 cars on a site which extends to about 0.465 acres.

The Peters brothers also own the successful County Club in Dunshaughlin, Co Meath.

Lisney Morrissey's will conduct the public auction on October 10 at The Merrion Hotel, Merrion Street Upper, Dublin 2.

As well as occupying a high-profile trading position off the Bishopstown Road opposite Cork University Hospital and the Wilton Shopping Centre, the licensed premises is located in the Wilton and Bishopstown suburbs.

Rory Browne, who is handling the sale, says that the pub enjoys a consistently high-volume trade. "The property is exceptionally well appointed and impeccably maintained throughout," he adds.

The Bowery in Rathmines has been recently refurbished. Formerly known as Toast, it extends to around 530 square metres and is laid out with a feature bar and live music venue incorporating stage to ground-floor level. It is designed with an unusual nautical theme with bow shaped timber walls and broadside cannon ports inspired by the bows of a naval tall ship which also inspired its name. It is being sold by Tom Bohan and Brian Costello who together or separately are involved with other pubs such as The Oarsman, Ringsend; Tynan's Bridge, Kilkenny and The Ploughman, Kinsealy.

Mr Browne says the Bowery has a dedicated beverage-only trade although it has a kitchen. He believes it has considerable upside potential for a high volume business. Thursday, October 3 has been set as the closing date for full and final offers.

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