Four landmark Dublin pubs are being put up for sale in what is being described as “the most significant city centre sale of licensed premises for years.” The portfolio includes Howl at the Moon on Lower Mount Street, The George and The Dragon on South Great George’s Street, and Café en-Seine on Dawson Street.
The four properties were being run by Liam and Des O’Dwyer as part of the Capital Bars Group and are being sold on their instructions, as well as the receiver, Pearse Farrell of RSM Farrell Grant Sparks.
According to the selling agent, John Ryan of CBRE, the asking price is over €12 million for the portfolio. It has a combined annual gross income of more than €13.5 million. The properties can also be bought individually. They are for sale by private treaty and the best bids are to be received by noon on July 4th.
Perhaps the best property of the lot is Café en-Seine (pictured). It is situated on a prime trading pitch opposite the Mansion House and it is one of the city’s trendiest pubs. During its best years, it was said to generate a net turnover of €7-€8 million per year, but this has dropped to somewhere over the €5 million mark.
The premises measure more than13,993 sq ft and are held under a leasehold title. Offers of over €3.5 million are being sought for this property.
The George is geared toward the LGBT market and is one of the busiest nightclubs in the city. It is held in a part freehold/part leasehold basis and measures 6,889 sq ft. The asking price is more than €3.5 million, and the property is rumoured to have a net turnover of approximately €3.5 million.
The Dragon is being offered for sale with vacant possession. Measuring 8,000 sq ft, it has ground and first-floor bar areas and has “considerable scope to develop a high-volume, high-margin business.” This property is held on a freehold basis and is being offered for excess of €3.5 million are being solicited.
The Howl at the Moon is a popular place for the after-office crowd to gather. The pub measures 11,840 sq ft and is located close to Merrion Square right in the heart of the south central office district. It is a freehold property and is being offered for sale at over €1.5 million.
The pubs should appeal to a large number of potential buyers. Some UK chains have been looking at, and have already been buying Irish properties lately.
If the sale of this portfolio ends up being completed, it will serve as evidence that investment activity in prime pub assets is heating up.
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