Sunday 22 April 2018

Some pubs will auction for close to licence values

Donal Buckley

Nine existing or former licensed premises ranging in price from €80,000 to €700,000 are among the lots being offered for sale at the Allsop Space auction on July 4 and buyers may recoup the prices of a few of them by selling on the licences.

One of the more valuable lots is The Excise Building, in the IFSC, Dublin 1, which has a €650,000 guide price. A heritage building in Dublin's north docklands, the cut-stone and brick building section of the property had been occupied until recently as a restaurant and bar but it no longer has a licence.

The lot also includes two glazed cafe units on either side of the building which are let to Munchies and MYO (make your own) and generating annual rents of €120,000 a year.

In Co Donegal, the 40-bedroom modern Bayview Hotel with a leisure complex on the waterfront in the busy fishing town of Killybegs is on sale for €400,000.

Near the Phoenix Park in Dublin, the Nancy Hands pub on Parkgate Street, Dublin 8, will go under the hammer with a €650,000-€700,000 guide price. That's only 13.5pc of the €5m which was paid for it in 2005 when it was bought by publicans/ developers Larry Crowe, Brian Flannery and Robin Payne, who are best known for their ownership of the Camden De Luxe Hotel in Camden Street, Dublin.

The next most valuable property is the Hamlet Pub & Fei's Garden, Block A, Castle Mill Shopping Centre, Balbriggan, Co Dublin, which has had its guide price reduced from the €575,000 which was quoted for it before it was withdrawn from last month's auction. Now it is guiding at €380,000.

It is generating €100,000 a year in rental income from two tenants, one operating the restaurant and the other the bar.

It is one of only two pubs in the catalogue which are trading. The other being Nancy Hands.

Also reduced in price is The Triple Crown Bar, Athlunkard Street, Limerick city. It saw no takers for it at its €125,000 guide price in the May auction and it is now guiding at €80,000.

Agent Robert Hoban says they have pitched it close to the value of its liquor licence, which could fetch between €65,000 and €80,000.

The former Doran's Pub, Main Street, Athboy, Co Meath, has a €125,000 guide.

The King's Pub, Lombard Street, Waterford city, has a €115,000 guide price.

In Co Wicklow, the former Seaver's Bar, Dwyer Square, Tinahely, is also valued at close to its €80,000 licence value, as is Fallon's Pub, Newtowncashel, in Co Longford.

Irish Independent

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