No Time Called On Demand For Dublin Pubs
Strong demand for well-located Dublin pubs continued in the first half of 2018, but an acute shortage of supply impacted the number of premises that traded, according to research from Lisney.
The agency said seven Dublin pubs sold for a combined sales value of €7.95M between January and June. During the first six months last year, eight pubs changed hands for a total of €9.2M.
Big ticket transactions so far this year included the sale of the Stillorgan Orchard at the end of June. CBRE had been guiding €3.25M for the property, which is reported to have been bought by a private investor for around €3.5M. Elsewhere, Paddy McKillen Jr’s Press Up Entertainment added to its growing portfolio with the purchase of former private members’ club Residence on St. Stephen’s Green for an undisclosed amount.
Some 21 pubs were brought to market between January and June, Lisney said. Two of these sold before the end of the half, including The Black Raven in Skerries, which had been guiding €450K.
Six premises were sale agreed going into the second half of the year, including Bakers Corner in Deansgrange, which is understood to have made well over its €5M guide price; Shanahan's in The Coombe; and the Eagle House and Rasam restaurant in Glasthule, which had been guiding €1.8M.
Among the properties on the market are landmark pubs Kielys in Donnybrook and O’Dwyers in Kilmacud and three Dun Laoghaire premises — Walters, The Lighthouse and McLoughlin's Bar. Walters, which is leased to Alan Clancy’s Nolaclan Group and is to be rebranded as a House venue, failed to sell in the April BidX1 auction when it had a guide price of €1.25M.
Commenting on the shortage of supply in the market, Lisney said a sharp upturn in trading levels over the past two years is one of the main reasons owners are unlikely to want to sell.
“With trade and corresponding values increasing year-on-year, understandably vendors are reluctant to dispose of assets. We anticipate that when operators of these assets decide to enter the market, they will be well received and yield strong prices.”
