The Towers — claimed to be one of the busiest public houses in Ireland — has become the latest in a string of Dublin licensed premises to be placed on the market by receivers. CBRE has confirmed it is looking for offers in excess of €1.2m (£999,000) for the Ballymun pub. The business is being sold on the instructions of Declan Taite, of accountants RSM Farrell Grant Sparks, acting as receiver and who wants to dispose of the property by private treaty.
When it is eventually sold, The Towers will be the fourteenth Dublin pub to be sold because of bankruptcy in as many months. Most were bought by private buyers rather than major companies and in total the 13 premises sold last year netted more than €14 [£11.6m], with seven going for around the €1m-plus mark.
The two biggest 2013 deals were the sale of the Thomas Read pub, on Dublin’s Dame Street, which went to a private buyer for between €2.5m and €3m [£2m and £2.4]; comfortably over the €2.2m [£1.8m] guide price. And the Belgard Inn, in Tallaght, thought to have been bought for redevelopment by a discount retailer rather than a publican for around €2.5m.
Pub specialists Morrisseys sold Rosie O’Gradys pub in Harold’s Cross, Dublin, for around €1.7m [£1.4m] with the final sale price nudged upward by the development prospects of an adjoining car park and retail premises.
Among the capital’s licensed premises still to find a buyer are Hanlon’s Pub, on the corner of Dublin’s North Circular Road and Prussia Street, which has an asking price of €1m [£830,000], and Taylors Three Rock Hotel, in Rathfarnham, offered at a guide price of €750,000 [£623,000]. In an unusual deal, the Old County Bar in Crumlin, and the Black Raven in Skerries, are being sold as a joint lot with a combined guide price of €1m.
One of first pubs to hit the market this year, The Towers is a two-storey building of approximately 12,470sq ft that includes a ground floor public bar, lounge bar and stores, and with a further lounge bar and nightclub and store on the first floor. Its sale, says John Ryan who is acting as agent for CBRE, is a “unique opportunity to acquire a large licensed premises which enjoys a high volume of business and is located in a densely populated area”.
Ballymun is on Dublin’s Northside, close to Dublin Airport. The densely populated area made international headlines in the 1970s for its infamous Ballymun tower blocks which many saw as a symbol of poverty, drugs, alienation from the state, and Ireland’s deep-rooted social problems. Today it is undergoing a multi-billion euro renewal, with a renovated village centre, surrounded by estates of houses and apartments.
“Ballymun has witnessed substantial regeneration and rejuvenation in recent years under the Ballymun Regeneration Programme, which resulted in many new superior housing developments being completed along with new recreational, sporting and cultural facilities including the Axis Arts Centre,” said Ryan.
“With The Towers coming to the market, the pipeline for Dublin pubs and other licensed premises show little or no sign of easing,” he added.
Previous Post
Retail Sales pick up in January but BRC urges Caution
