Monday 22 January 2018

Well-known Mountjoy Street pub brought to the market for €375,000

The Berkeley on Mountjoy Street is being offered for sale as the owners are retiring
The Berkeley on Mountjoy Street is being offered for sale as the owners are retiring

Peter Flanagan Commercial Property Editor

CBRE have confirmed that they have been instructed to sell The Berkeley on Mountjoy Street on the northside of Dublin – a long established and well-known licensed premises.

The property is on the market with a guide price of around €375,000.

It is being sold on behalf of Tom and Josie Reddan, who are retiring after a lifetime of dedicated service to the licensed trade.

The Berkeley is a large and extensive licensed premises with residential accommodation overhead. The part four-storey over- basement premises is fitted out in traditional style and is presented in good condition throughout.

The accommodation comprises a ground floor public bar and a large lounge bar with customer toilets and a catering kitchen. In the basement there is a large cellar area.

Overhead there is a four- or five-bedroom residential accommodation which currently provides valuable rental income.

Planning permission was granted in September 2007 for the re-development of part of the property to incorporate seven apartments with a retail unit on the ground floor. While this planning permission has expired, the potential re-development of the premises has been established.

John Ryan of CBRE who is handling the sale stated that the sale of The Berkeley presented an "excellent opportunity to acquire a popular and well run licensed premises which offered considerable business and redevelopment potential".

"The property is located in a densely populated residential area close to the Mater Hospital, Mountjoy Prison and the GAA headquarters at Croke Park," he added.

The pub market has struggled in recent years but has begun to show signs of life in recent months after a crash as bad as any in the commercial property sector.

While turnover is estimated to have fallen by about a fifth across the industry, that is believed to have bottomed out during the past 12 months.

The market for pubs has grown steadily in recent months with a host of licensed premises coming to the market. While most of them have been receiver sales or other distressed deals, more and more businesses are being put up for sale in the manner of The Berkeley, with the owners deciding to retire.

In its forecasts for this year, CBRE said it expected to see "continued deleveraging in this sector this year with an increase in the number of trading entities being offered for sale over the course of the next 12 months".

"We are also likely to see further acquisitions of Irish pubs by UK chain Wetherspoons and the emergence of some other UK chains in 2014," CBRE added.

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