You are viewing the content for Thursday 24 January 2013

Stout heart and vision on tap as pubs sold

TWO Cork bars sales, one in the city, the other in Monkstown, have just been confirmed as the licensed market finally shows some signs of movement, albeit at a very low price level.

Fourth generation publicans the Healy family have bought Monkstown’s Ensign Bar, adding it to five other Cork bars they own, including the Harp Bar in Pouladuff Road and Fermoy’s Ashe Quay nightclub SGI.

Last sold for c €1.6 million, the Ensign (next to the Bosun) reportedly made between €200,000 and €300,000.

Selling agent was Maurice Cohalan, who also has just sold a city centre bar for around €400,000. In new ownership now is the former Gallagher’s bar, at the corner of Bridge Street and MacCurtain Street, at one time known as Paddy Barry’s, and considered a city landmark with huge passing traffic volumes.

It has been bought by businessman Martin Gannon, whose background includes retail on MacCurtain Street, and the hotel sector.

He’s planning improvements to the facade and appearance of the four-storey over-basement building, and will re-open around Easter.

Gallaghers was put up for sale for receiver Barry Donohue and David Swinburne of KPMG and has been shut since 2009. When first offered for sale in 2010, it was as ground floor and basement only, at €595,000, and subsequently the upper floors with a further 1,700 sq ft were added to the mix. Gallaghers has c 2,500 sq ft between the ground and basement level, and has served as a popular music venue — hence its name, after the street’s long links with the late, great guitarist Rory Gallagher.

The two streets, as well as Coburg Street, have some of the biggest selection of bars, restaurants and cafes/takeaways, and there’s huge footfall due to the presence of a number of schools. It was the second time Mr Cohalan has sold this particular property, and he also has just recently sold the Ensign bar in Monkstown — for the third time.

Next to the popular Bosun, the Ensign had an asking price of €500,000, and as it needed considerable refurbishment it is likely to have sold in the low €200,000s.

It has good profile, an attached retail unit, and 2,600 sq ft at ground level, with a similar amount of overhead space. Significant renovations are planned and the pub will re-open around Easter.

Details: Cohalan Downing 021-4277717