Friday 24 November 2017

Betting shop could sell for double the price of a pub

Donal Buckley

A PUB and a betting shop are for sale in Waterford at a price which suggests the much smaller betting shop is worth twice the price of the larger pub premises. They are among three commercial properties which estate agents Morrisseys bring to the market this week.

The Bothar Buidhe pub and the adjoining betting shop investment property at Cleaboy Shopping Centre in Waterford have a combined guide price of €675,000 if sold in one lot.

The operator of the pub is selling both it and the adjoining retail investment property which is let to Ladbrokes betting shop on a 20 year lease dated 2009 with upward only rent reviews. In years four and five the rent is €55,000 a year.

The pub on its own has a €225,000 asking price. The betting shop will not be sold on its own but, if a buyer wishes to buy the two premises together, the combined guide price is €675,000.

This suggests a €450,000 guide price for the betting shop whose floor area extends to 126.7sqm -- a little over one third the floor area of the pub.

The pub extends to 342 sqm and is divided into a pub, lounge and snug and it also has an enclosed smoking area. Part of the floor area is located on the first floor which is used for storage and offices. It benefits from shared parking at the shopping centre and planning permission to allocate space for an off-licence.

The Ladbrokes unit is laid out as open plan retail together with office, kitchenette, stores and toilets.

Cleaboy is a suburban area about 2km west of Waterford City centre.

Meanwhile in a completely unrelated initiative, in Strokestown, Co Roscommon, the Percy French Hotel comprising a bar, restaurant and night club with 18 en suite bedrooms is for sale and its guide price is €450,000.

In this case Morrisseys are the agents for receiver Brendan O'Donoghue.

Located in the centre of Strokestown, the hotel extends to 1,496sqm and its accommodation also incldues a function room and meeting room on a 0.74 hectare site at Bridge St.

It occupies a commanding trading position with frontage onto Bridge St adjacent to its junction with Church St which is the focus of the town's commercial activity. In recent years the three storey premises was extensively refurbished and it has parking for 75 cars.

Indo Property

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