Four Dublin pubs changed hands in the first three months of the year according to John Ryan of agents Bagnall Doyle MacMahon who estimates that they generated a combined
In comparison, there were 12 pubs sold in 2020 with a capital value of close to €46m many of which were for alternative use and new development purposes.
Top of this year’s four sales was The 108 Rathgar in Rathgar village, Dublin 6, for which Lisney Morrissey’s had been quoting €2.2m. This 4,532 sq ft investment property was generating €147,744 in annual rent. Its ground floor and basement licensed premises was leased to a Pizza Eile Limited which operates under the Galway Bay Brewing Brand. Almost half the rent was generated from four upstairs apartments.
Another investor is believed to have purchased The Magpie Inn in Dalkey which had a €1.65m guide price. Located on a corner site, the 4,537 sq ft pub and restaurant came with a first floor function room as well as a duplex own door apartment. The agent was Burke Kennedy.
On Dublin’s Northside, The Cabra House, Fassaugh Avenue, Cabra, was also sold through Lisney, who had been guiding €850,000. A detached two-storey building which extends to 8,611 sq ft, it is located on a 0.27-acre site in a retail parade with front and rear access. A feasibility study indicated it had potential for more than 12 apartments over ground floor commercial units.
The fourth pub is also on the Northside.
John Ryan also reports that the appetite for pubs is reflected in a number of off-market deals currently in the pipeline which he expects to transact in the next quarter.