“Quiet year” for pub sales
With the just-announced sale of the Old Stand in Dublin, the capital’s pub market has been relatively quiet during 2018 with only 18 properties totalling more than €33 million between them having been sold in the first nine months of 2018 according to CBRE in its final bi-monthly report for 2018.
2 November 2018 | 0
However the average sale price has increased some 51% to €1.776 million from €1.18 million last year, which is encouraging and reflects the improved trading conditions being experienced by the trade, reports the commercial property specialist.
Eamonn & Michael O’Malley have purchased the leasehold interest in the Old Stand from Sean and Michel Redmond for around €3 million according to a report in the Irish Independent.
The Doran brothers are also seeking €6 million for their other pub, the iconic Davy Byrne’s.
According to the Independent, “Dublin City Council recently secured a 16.7% rent increase to €122,500 and there are five-year rent reviews” on the lease which has 14 more years to run on the four-storey building on the corner of Exchequer Street and St Andrew Street.
The O’Malleys also own The Yacht in Clontarf and The Autobahn on Glasnevin Avenue.
CBRE also reports that only 12 hotel transactions totalling almost €263 million between them and one hotel investment sale totalling €17.5 million transacted in the Irish market during the first nine months of 2018.
However, the recent completion of Project Trident (Tifco portfolio), which included 17 trading hotels and some development assets, as well as Tetrarch’s acquisition of the former Deerpark Hotel in Howth in north County Dublin and the investment sale and leaseback of the Premier Suites aparthotel in Ballsbridge, Dublin 4, have provided a very significant boost to transactional activity in the last couple of weeks.