On-trade

Summer doldrums for pub sales

Thirteen Dublin pubs with a value of nearly €18 million were sold in the first six months of this year, according to CBRE in its most recent report on the pub sector.

“Transactional activity in the Dublin pub sector was quite subdued during the Summer,” states the report, “This is partly due to the time of year but also influenced by the scarcity of good quality premises being offered for sale at present.

“Many publicans are now working with new debt providers and trade has improved with the result that there is less pressure to bring pub properties to the market than previously.”

CBRE also notes that there’s been a notable increase in the number of pub refurbishment projects of late.

Recent pub sales include the former POD nightclub in D2 which sold for over €4.5 million, Sober Lane in Irishtown, D4, which sold for around €1.2 million and The Ramble Inn in Killester, D5, which sold for approximately €550,000, according to CBRE.

Notable premises on the market at present include the former Zanzibar superpub on Dublin’s Ormond Quay with planning permission for an 89-bed hotel guiding at €5 million, The Addison Lodge pub in Glasnevin, D11, guiding €3.25 million and the Kylemore House and Cabana Restaurant, Old Naas Road, D 12, guiding at €700,000.

“As the Autumn selling season commences, the biggest challenge in the Dublin pub sector will be a severe lack of supply of good quality premises to match the strength of prevailing demand,” reports CBRE.

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