Increase in Cork pub and club sales as Redz joins the market

While word is still awaited on who makes up the consortium in the final stages of the €2 million purchase of the 12,000 sq ft Treacy’s bar and restaurant in Cork’s Ballincollig for receivers Grant Thornton, its selling agent brings two more Cork bars to the open market.

Larger of the latest duo set to change hands for receivers Michael Cotter of EY is the former nightclub Redz, on Liberty Street, which closed some years ago.

Now needing refurbishment and considerable extra investment and with a 20-plus years history as a large entertainment venue just off Washington Street, it was last operated by the Rebel Bar Group and is launched now with a price tag of €775,000/€800,000 by estate agent Cearbhall Behan of Behan Irwin Gosling.

He describes Redz as a city centre bar and nightclub, over three floors with 10,500 sq ft/998 sq metres and “centrally located in Cork’s main night time hospitality area.”

Close by are Cavanaghs, Brick Lane, the Raven, Wagamamas, the Vicarstown, BDSM, Washington Inn, Captain Americas, James Street and Reardens.

Even though it needs more post-purchase spending before reopening “this is an excellent opportunity to acquire a nightclub of substantial floor plate within the city, which rarely comes to market,” adds Mr Behan, noting that the proposed Brewery Quarter and convention centre development proposed for South Main Street “will hugely benefit the Washington Street area, once completed.”

A previous sale plan for Redz failed to complete, despite advanced negotiations with a significant industry player in the city, hence its relaunch.

Also new this week to market is the suburban Manhattan bar complex, off the Tramore Road, and which may be bought for other commercial uses if not reopened as a bar.

With over 5,000 sq ft it consists of three commercial units, a bar and two retail units. It’s for sale with vacant possession, guided at €350,000, or €70 psf, on a par with industrial space levels.

“It could be of interest to owner-occupiers to operate the bar or investors to create a rental income stream from the two adjoining commercial units,” says Mr Behan. “The demand for licensed premises has increased considerably, due to the upturn in the economy and increase in discretionary spend.

Meanwhile, in Ballincollig Treacys bar/restaurant is close to a final sale stage at an unconfirmed c €2m, at the western end of the Ballincollig Town Centre, while a new cafe/restaurant, Sliced,has opened on the Square.

Details: Behan Irwin & Gosling, 021-4270007

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