Friday 6 December 2019

Top restaurant in Dublin's Silicon Docks goes on the market for €3.5m

Guide price of €3.5m

Savills are seeking €3.5m for the Ground floor unit at 1 Hanover Quay
Savills are seeking €3.5m for the Ground floor unit at 1 Hanover Quay

Peter Flanagan

A restaurant in one of the most desirable areas of Dublin has been brought the market with an asking price of €3.5m.

The unit at 1 Hanover Quay, Grand Canal Square is currently occupied by the Ely gastro bar and restaurant on a short term management contract. That contract will expire once the property changes hands.

The sale is being handled by Savills on behalf of the receiver Stephen Tennant of Grant Thornton.

The contemporary style bar and restaurant opened in 2007 and trades over two floors - basement and ground. The property is approximately 8,400 sq ft gross internal area and caters for 250 people, with additional seating on the feature outdoor terrace.

The restaurant at present takes in annual revenue in the region of €3.5m per annum and is thought to be profitable.

Stephen McCarthy is handling the sale and he he said the unit offered a "rare opportunity to acquire a thriving bar and restaurant located in the heart of Grand Canal Square".

"Importantly, the premises is being sold as a going concern, free of any franchise agreement enabling the new owner to introduce their brand immediately into this highly coveted commercial and residential district. We anticipate strong demand from owner occupiers and investors, particularly given the relentless demand for prime restaurants in central Dublin," he added.

According to Savills, the property occupies an "enviable and pivotal" location the heart Grand Canal Square, adjacent to the Marker Hotel and Bord Gais Energy Theatre. The area is dominated by global corporates including Google, Facebook,

"Consequently the area has developed into an important social hub for the areas working professionals and residents together and patrons of the adjacent Marker Hotel and Bord Gais Energy Theatre," they add.

The property is free of management, thus providing purchasers with the opportunity to improve and enhance what is considered a successful business.

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