Friday 24 May 2019

Quinn's northside pubs for €2m sale

The Cat & Cage pub, Drumcondra, Dublin
The Cat & Cage pub, Drumcondra, Dublin
Quinns pub, Drumcondra, Dublin
Donal Buckley

Donal Buckley

Two Dublin northside pubs once owned by former bankrupt billionaire Sean Quinn have been brought to the market by the liquidators of IBRC, the former Anglo Irish Bank, which is hoping to retrieve about €2 million from the sales.

Property agents CBRE are quoting €900,000 for the landmark Cat & Cage pub and €1m for Quinn's, both of which are in Drumcondra. Because of their close location to Croke Park, both are popular with concert-goers, as well as GAA fans who regularly flock to the area during the hurling and football championship seasons.

The pubs are operated by Avid Asset Management on behalf of IBRC liquidators, Kieran Wallace and Eamonn Richardson of KPMG, and proceeds from the sales are expected to go to the State.

Although Quinn's is a terraced property, John Ryan of CBRE says it has development potential arising from its 0.3 acre site as well as its zoning. It occupies a site area of 1,096 sq m and has dual residential and commercial zoning.

A three-storey over basement property, it extends to 642 sq m of accommodation and comprises a 416 sq m ground floor with public bar and an extensive lounge bar. It also has a smoking area to the rear.

On its 110 sq m first floor there is a function room and smoking area, while the similar sized second floor has storage space. Outside, a large yard and storage shed can be accessed from the rear.

Mr Ryan said the property is known by thousands of GAA fans who flock to the area on the big match days.

"The sale of Quinn's offers not only significant business potential but also significant alternative use potential due to its site area and dual residential and commercial zoning," he adds.

Nearby, at 74/76 Upper Drumcondra Road, Dublin 9, The Cat & Cage is more of a landmark premises as it is prominent on an elevated corner site. A two-storey premises, its ground floor extends to 217 sq m and accommodates a public bar, lounge bar and stores. Its first floor extends to 148 sq m and accommodates a function room and catering kitchen, with a dumb waiter to the ground floor.

Known as a gastro-pub, the property was extensively refurbished in 2016 and is now presented in "turn-key" condition. It is situated opposite St Patrick's teacher training college, part of Dublin City University, and a number of guest houses are also located in this area. Mr Ryan says The Cat & Cage generates a satisfactory level of food and drink turnover.

Other venues in Sean Quinn's former hospitality chain include the Slieve Russell Hotel in Co Cavan, Buswells Hotel on Molesworth St, Dublin, close to the Kildare Street entrance to Dáil Éireann, as well as the Barge pub on Ranelagh Bridge, and JW Sweetmans, formerly Messers Maguire pub near O'Connell Bridge.

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