Unveiling Lisney’s Licensed Property Review 2025
The Step Inn and The Queens, achieved in excess of €3,250,000 each, reflecting strong demand for properties in areas with higher levels of discretionary spend
Rory Browne, divisional director, Lisney
The Dublin licensed premises market recorded stable transactional activity in 2025, with completed sales broadly in line with 2024 levels. However, total transaction values declined by approximately 40% year on year.
According to Rory Brown, divisional director with Lisney, “This decrease primarily reflects the absence of the high-value transactions that characterised 2024, including the sales of Devitt’s on Camden Street and Kennedy’s in Mount Merrion, as well as an increase
in leasehold interest assignments during the year.”
In total, 20 licensed premises transacted in Dublin, generating an aggregate value of approximately €40.2 million, compared with €69.6 million from the same number of transactions in 2024. Of these transactions, 57% were below €2m, 36% were between €2m and €5m and
7% were between €4m – €6m.
Of those sold, 20% related to leasehold interests, reflecting a scarcity of freehold opportunities in core trading locations “Of the transactions completed, 65% were offered for sale publicly and 35% were completed off-market. At year-end, a further 11 units were sale agreed but not yet completed, representing a combined value of approximately €15 million which bodes well for early 2026 activity,” explains Browne.
High profile transactions
Peter’s Pub on South Willliam Street was one of the Dublin city centre pubs sold in 2025
The quality of assets offered to the Dublin licensed premises market in 2025 was well reported, with a number of high profile transactions completing including Peters Pub, Market Bar, The Step Inn and The Queens. While the overall number of sales mirrored 2024, purchasers continued to show a clear preference for established, high-quality premises with proven trading performance and strong day-to-day cashflow.
“Two suburban premises, The Step Inn and The Queens, achieved in excess of €3,250,000 each, reflecting strong demand for properties in areas with higher levels of discretionary spend and the opportunity to trade at these locations. Both were purchased by publicans seeking to expand their portfolio,” says Browne.
The consistency of activity in the number of transactions over the past three years suggests that operators have adapted to the ongoing
operational challenges within the hospitality sector. This adjustment has translated into renewed confidence and reinvestment, with demand
remaining firmly focused on welllocated, high performing premises. Public sales increased in 2025 as vendor price expectations aligned
more closely with market levels, reversing the recent trend toward off-market deals. Retirement-led disposals were a key source of
supply, with long-established family operators exiting following strong post-pandemic trading. City-centre premises, particularly those benefiting from tourism and office footfall, remained the most sought after, often achieving prices 15–20% above guide, while suburban assets experienced more selective demand.
Outlook for 2026
The Market Bar was one of the Dublin city centre pubs sold in 2025
Demand in 2026 is expected to remain primarily focused on the core city centre locations, where the potential for premium pricing is supported by strong turnover and profit evidence from the 2025 market. This will provide owners with greater flexibility to increase prices in line with ongoing cost inflation, particularly for high-quality, welllocated assets.
Shane Markey, divisional director with Lisney says that publicans are expected to remain the dominant purchaser group, although their share
of transactions may moderate from the exceptionally high levels seen in 2025. “Developer activity is likely to remain limited, reflecting the scarcity of redevelopment opportunities and declining appetite for apartment development sites outside prime locations due to elevated construction costs,” he says.
“Private Equity purchasers are expected to remain active throughout 2026, continuing to seek opportunistic acquisitions. That said, given their strict investment criteria and the limited availability of suitable assets, we anticipate only a small number of transactions, primarily within the €6 million-plus value bracket.”
The trend towards off-market transactions is also expected to reemerge in 2026, particularly for high value city centre assets.
Looking at the provincial market
The King’s Head in Galway was sold for over €7m demonstrating the uplift in activity in cities such as Galway and Cork
Niall Kelly, surveyor with Lisney explains that the provincial licensed premises market showed a notable uplift in activity in the main cities during the year, with Galway and Cork at the forefront. Both cities recorded high-profile transactions, signalling confidence in well-located,
established and high-volume trading assets. This marks a notable shift from recent years, where activity was subdued.
He explains that in Cork city, Attestor’s acquisition of The Reardon Group for a reported price of excess €30m was the standout transaction.
“Cork also witnessed the sale of The Flying Enterprise & Sober Lane complex which achieved a price in excess of €5m whilst in Galway,
The King’s Head realised a figure exceeding €7m. These transactions underline the strong demand from publican purchasers for prime citycentre premises with proven trading performance and sustainable turnover levels.”
Overall, while the wider provincial market remains selective, these sales demonstrate that quality licensed premises in core urban locations
continue to attract competitive interest and strong pricing.
“Price sensitivity remains a defining feature of the provincial market. Where pricing expectations are aligned with trading fundamentals, transactions can be achieved.” explains Kelly.
20 Dublin licensed premises sold in 2025
Vaughan’s Eagle House, Terenure was among the capital’s pubs sold in 2025
Bar Rua, 32 Clarendon Street,
Dublin 2
The Twin Oaks, Castleknock,
Dublin 15
The Green Hen, (Leasehold Interest)
33 Exchequer Street, Dublin 2
The Step Inn, Stepaside,
Co. Dublin
The Willows, Ballinteer, Dublin 14
The Queens, Dalkey, Co. Dublin
Vaughans Eagle House, Terenure,
Dublin 6W
Kodiak, Rathmines, Dublin 6
Peter’s Pub, 1-2 Johnson Place,
Dublin
Pipers Corner, 105/106 Marlborough
Street, Dublin 1
The Market Bar, Idlewild, & Chelsea
Drugstore (Leasehold Interest)
Georges Street, Dublin 2
Fitzgeralds, 22 Aston Quay, Dublin 2
The Newtown House, Coolock,
Dublin 5
Cleary’s, 36 Amiens Street, Dublin 1
Floods, Kimmage, Dublin 12
The Estuary, Swords, Co. Dublin
Fade Street Social, (Leasehold
Interest), 4-6 Fade Street, Dublin 2
The Lighthouse, Dun Laoghaire, Co.
Dublin
Against the Grain, (Leasehold
Interest), Dublin 2
Hennessys Findlater, Dorset Street,
Dublin 1
