Two Arklow pubs are brought to market
TWO well-known pub investment properties on Arklow's Main Street in Co Wicklow have come to the market.
Agents CBRE are quoting more than €450,000 for Christy's pub and nightclub and have a €200,000 price tag for Butler's pub, together with The Soya Bean restaurant. Both are generating rental income.
Christy's is a long-established business which has been extended and revamped in recent years to provide a lounge bar, catering, and nightclub facilities. It is let to Cadetside Ltd on a four-year nine-month lease from July 2012 at a contracted rent of €104,000 pa exclusive of VAT and rates.
Extending to over 600sqm, the property forms part of a terrace of properties on Main Street and the entire site has been developed for pub and nightclub use.
In good condition, it comprises a ground-floor lounge bar, a public bar and catering kitchen with a smoking area to the rear which overlooks the Avoca River. In addition, there are ample keg and bottle storage areas.
On the first floor there is a state-of-the-art nightclub, known as The Cube.
Butler's pub and The Soya Bean restaurant are located in a two-storey property comprising a ground-floor lounge bar, kitchen and toilets, with storage areas to the rear.
The pub premises is let on a four-year nine-month lease from September 2012 to Pennylane Taverns Ltd.
At first-floor level, the Soya Bean Chinese restaurant is let on a four-year nine-month lease from October 2010.
The combined rent is circa €52,000 a year and the split is: bar, €33,800 and restaurant €18,200 a year. Both the ground floor and the first floor measure circa 160sqm each.
The vendors of both Christys and Butlers are Michael and Siobhan Murray who are relocating to Dublin to concentrate on their other business interests – in particular McSorley's Pub in Ranelagh.
Butlers is located on a corner site with a laneway to the side and while both properties have rear or side access they have limited or no development potential.
John Ryan of CBRE says that the investment properties will appeal to investors and established publicans wishing to acquire well-appointed and well-located pub properties.
Arklow is a busy commuter town with a population of more than 13,000 people.
The town benefits from a commuter rail and bus service to Dublin as well as nearby sandy beaches and leisure amenities including golfing, fishing and sailing which help to attract visitors.
Consequently the population of the hinterland increases dramatically during the peak summer months and Arklow is a natural base to explore the surrounding countryside, including the Vale of Avoca and the Wicklow Mountains.