A further €700,000 is to be spent on transforming it into a modern bar.
The 4,000-sq. ft. two-storey property has excellent frontage on to John Street, is fully licensed and at the heart of the city's entertainment strip. John Rohan of John Rohan Auctioneers & Valuers, who handled the sale on behalf of local publican and nightclub owner Bob Tweedy, has confirmed that the buyer is Jim 'Flash' Gordon who owns Flash's on High Street.
"I know that 'Flash' is delighted to have acquired this superbly located property. There were queries about these premises from a number of local bar owners and developers as well as investors from outside Waterford who see the city as being a solid location in which to invest.
"In addition to the main bar area on the ground floor, the first floor of the property currently has an office, store, multi-purpose room, staff room and staff toilets. With planning permission in place for an extension to the first floor, the property which has a full seven-day licence also has considerable potential for further development and I am sure that 'Flash' will bring the same energy to this that has seen his existing bar become so firmly established in a short time," Mr Rohan added.