Two large bar investment complexes on market
Up for sale on Main Street, Ballincollig is the former, very well known Darby Arms and adjoining shops, offered for joint receivers via joint agents Savills and Tony Morrissey, with a guide price of €700,000. It has a current income of €56,000 a year.
And, it’s joined on the open market by the Castle Arms complex in Glanmire, east of Cork city on the old Cork-Dublin road at Riverstown.
The Castle Arms has a guide of €1.25 million, via Cohalan Downing, and has a current income of €134,000 pa, from a trading bar and music venue, a bookmakers, and a take-away restaurant. It was last offered publicly for sale, twice in the early to mid 2000s, with a €3.5m guide and is now offered for receivers KPMG.
The Castle Arms is described as a multi-occupancy investment opportunity or part owner occupier opportunity, in a popular densely populated area of Glanmire, near a new Lidl and Sarsfields GAA club pitch.
It’s got 7,500 sq ft of building on a half acre site, with Main Street frontage, parking and beer garden.
The bar trades, and Paddy Power Bookmakers rent a unit, as does King Pizza Take Away and currently trading.
Meanwhile, the Darby Arms bar and two adjoining retail units on Main Street, Ballincollig, facing the new Town Centre is being sold for receivers Declan Taite and Brendan Hanratty, Duff and Phelps.
At one time one of the most successful bars in the town it’s currently not trading as a bar.
Joint agents Denis O’Donoghue of Savills and Tony Morrissey say it’s both long-established (more than 30 years, but trading ceased at the start of 2016) and a well-known landmark.
“In its heyday it was one of Cork’s busiest bars and nightclubs,” says Mr O’Donoghue, noting some repairs and refurbishment have been done since its closure “which will help any intending purchaser to reopen the business with minimal investment.”
The dance and liquor licenses remain intact, and the licensed area is large, at 11,600 sq ft from basement to second floor level, with ground floor restaurant, bar and lounge.
Overhead is a 4,500 sq ft nightclub, 50-cover 2,700 sq ft restaurant with commercial kitchen and offices. The two adjoing shop units are let to long-established O’Connor Shoes, and Cartridge World, giving a combined income of €56,320, net per annum.
“From an investor’s perspective the additional rental value of the vacant bar, restaurant and nightclub has the potential to drive a double digit yield return; when added to the current passing rent it will also give comfort to any business in the start-up phase by providing regular cashflow,” say the agents, noting the sale of Treacys across the way last year for over €2m, and the nearby Sam’s bar for c €1m.
Both those other bars were developed on the former Murphy Barrack 90-acre site which is now a major retail and office hub.
“There’s exceptional potential for a high quality restaurant and licensed business here with the continued recovery in leisure spend,” say agents, seeking €700,000 via private treaty.
Details: Cohalan Downing, 021-4277717; Savills, 021-4277717; Morrisseys, 01-6765781
CONNECT WITH US TODAY
Be the first to know the latest news and updates
