However, there are a further 14 pubs at ‘contract signed’ or ‘sale agreed’ stage with a combined capital value in the region of €18.5 million, according to the estate agent. Transactions agreed recently include: the sale of Boland’s in Stillorgan, Co Dublin; the nearby Sandyford House and JJ Smyth’s on Aungier Street in Dublin 2. Meanwhile, an agreement to lease The Vineyard premises in Blanchardstown, Dublin 15, was recently agreed reports CBRE.
The first half of the year saw transactional activity in the hotel sector down year-on-year although momentum is now building after what was a slow start to the year, states CBRE.
“The relatively low volume of transactions signed in H1 is largely attributable to the aforementioned slow start and the scarcity of large-scale assets being released for sale compared to last year. Having said that, we expect up to €250 million of hotels to trade in the Irish market in 2017.
“Demand for prime hotel assets remains strong, fuelled by strong performance indicators, particularly in Dublin where hotel availability remains seriously compromised. However, with considerable hotel development activity now underway in the capital, this situation will ultimately improve.”
According to CBRE’s research, there are 14 hotel projects under construction in the capital at the mid-year point which between them will add more than 1,700 new hotel rooms. Ten of the 14 projects are new hotels while four are extensions.