Commercial sales raise the bar

Carrying the name of one of the most famous yachts to ever sail out of Crosshaven in Cork, the bar the Moonduster Inn is due a sale rendezvous at the next Allsops auction early December.

In a cracking harbour town location overlooking the Hugh Coveney pier and marinas, it carries a reserve of just €225,000, and includes an overhead apartment with a rental income of €5,500 pa.

The Moonduster Inn joins an eclectic mix of commercial property offerings that include Dublin’s leafy Georgian Dartmouth Square central green, and a retail street in Clonmel among the 109 lots.

For the first time in Allsops disposals, commercial lots outnumber residential offerings, at 55 to 54, and there’s a combined reserve €13.6m, likely to be tidily exceeded on the pre-Christmas sales spree. The commercial mix includes 26 shops/retail, seven offices, three pubs, 13 land parcels and six industrial properties. The 55 commercial lots have a combined reserve of almost €9m, or 66% of the overall 109-lot package.

A bit like buying up the Monopoly board, the Clonmel retail lot of an entire shopping street at Market Place (linking busy Gladstone Street with Kickham Street and Emmet Street), has 18 retail units and buildings in the portfolio. Half of the 18 units are tenanted, on leases dating from 1996, with a rent roll of €231,000 and the reserve guide is €900,000. Tenants include Specsavers, Elverys and Xtravision, and adjacent traders are a five-screen Omniplex, Superquinn, McDonalds and Easons.

Dublin eyes will be fixed on Dartmouth Square, a two-acre Ranelagh Georgian garden square picked up for a reported €10,000 by businessman Noel O’Gara in 2005 after a lease on it expired. Freehold, it has a reserve of €140,000 for liquidator Tom Murray of Friel Stafford Corporate Recovery, court appointed liquidator over O’Gara-related company Marble and Granite Tiles Ltd.

In Crosshaven, one of the village’s c half-dozen bars the Moonduster Inn near the RCYC is guided at €225,000 for a quality building with 1,700 sq ft bar, and 1,600 sq ft restaurant, plus 550 sq ft two-bed apartment. One of the successful bar sales in Allsop last September was Cork’s Paddy the Farmers, bought for €485,000 by the owner of Soho and East Village Douglas, who plan to open around February.


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