Groves Pub in Blackpool, Cork, on market with price tag of €525,000

One of the largest, and best trading pubs on Cork city’s Northside, the 9,000 sq ft Groves in Blackpool, has been put to market by a receiver for €525,000, via agents Behan Irwin Gosling.

Groves Pub in Blackpool, Cork, on market with price tag of €525,000

There’s a completely unexpected amount of space, done to a high quality, inside the bar at the foot of Dublin Hill and opposite the Ulster Bank.

It’s also close to the Dunnes Stores’ anchored Blackpool Shopping Centre - which sold as an investment to Varde Partners during the summer, as part of the Project Acorn portfolio offer of three centres in Cork, Tipperary and Dublin. That Acorn Portfolio shops’ trio, with a rent roll of €13.8 million, made 30% over their €130m guide, fetching €171m in a good, early test of appetite for Irish retail portfolios.

So, no pressure then for a swift and strong sale of The Groves, for Cearbhall Behan of Behan Irwin Gosling. Redeveloped, extended and upgraded by a consortium associated with the Gaffney group of publicans, The Groves is now being offered for Stephen Tennant of Grant Thornton as a going concern, and by private treaty. It’s billed as entirely deceptive space-wise, and as one of the best licensed premises in the north city suburbs, with both food and drinks business and has a commercial kitchen, with planning for a first floor restaurant, with separate access.

Its location on Dublin Street is high-density residential, as well as being near the Blackpool Shopping Centre anchored by Dunnes Stores, and near the Blackpool Retail Park, Atrium office block and within walking distance of employers such as Blizzard, Xanadu, the Revenue Commissioners, Landmark Media and at the North Point Business Park.

“We expect considerable interest, due to the number of people living, shopping and working nearby.

“Coupled with this is the uplift in the hospitality sector, allied to a growing interest in the commercial property market ,” said Mr Behan.

He’s at advanced stages on the sales of Flannerys in suburban Glasheen, and McDaids in Midleton, expected to be sold before the expiry of the CGT exemption deadline by year’s end, but declined to comment on buyer’s identities until deals close.

Details

: BIG Property 021-4270007

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