The Hi-Way in the Limerick suburb of Dooradoyle was one of the first, late-night restaurants in the Mid-West when it was opened in 1970 by Michael Campbell and his wife Helen. It was a popular destination for politicians from Kerry and Cork en route from Leinster House, as it remained open until after 3am.
The Campbell family opened a bar on the premises in 1993. Their sons, Brian and Vincent, disposed of the premises seven years ago at public auction for a sum in the region of €3m.
It is now being put on the market by auctioneers DTZ Sherry Fitzgerald on behalf of KPMG, who have been appointed receivers.
The premises consists of two buildings, which were originally four semi-detached houses at No’s 13, 14, 15 and 16, St Nessan’s Park.
The Campbells opened a guest house at Nos 15 and 16, before developing a hugely successful restaurant there. Subsequently they purchased Nos 13 and 14 which they joined into one family residence.
The bar/restaurant area covers 6,815sq ft and the former residence, now houses two, separate, commercial units with a medical centre and beautician business. Ciara McCarthy of DTZ Sherry Fitzgerald said the entire property has a guide price of €875,000.
The bar/restaurant site on its own as one lot has a guide price of €575,000 and the building with the two other businesses is on offer at €300,000.
Vincent Campbell hit the headlines last June when he bought back a house and 4.75 acres, which he previously owned, for €215,000 having sold it to a car business in 2005 for €3m.
A leading car franchise planned to open a showroom on the site which is strategically located at a roundabout which leads onto the N20 and N21 routes.
Mr Campbell plans to return and live in his old home, having made a huge profit from the Celtic Tiger sale of the house and site.