Wednesday 21 February 2018

Residence Club for sale

For sale: Residence Club at Stephen's Green Dublin
For sale: Residence Club at Stephen's Green Dublin

The Residence Club at Stephen's Green Dublin is being offered for sale as a going concern by the receiver Jim Stafford.

The Stokes twins, who operated the club, had increased membership to 1,200 during their recent efforts to save their business.

At the time of going to press, the agents Morrisseys had not formulated a guide on the expected key money. The club is generating a turnover of around €3.6m net of VAT. Of this the bar is generating almost €1.9m, food sales €840,000, membership fees €780,000 and room bookings €40,000 .

The sale includes a lease on the 457sqm period property which has 23 years to run as well as a licence, fixtures and fittings. The landlord Johnny Ronan is currently charging a rent of €225,000 a year exclusive of insurance etc. Extending over four storeys and a basement, the property comes with bar, piano bar, formal dining facilities, a night club in the basement as well as a beer garden with casual dining facilities to the rear.

The closing date for tenders is March 4.

Irish Independent

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