THE Roundy, a vibrant bar in the medieval core of Cork, is one of three city-centre properties set for online auction next month.
The well-known corner premises at the junction of St Patrick St, Castle St and the Coal Quay, has a guide price of €650,000 and is on sale with joint agents Behan, Irwin and Gosling and BidX1, who will host the auction on March 19.
The pub, (150 sq m), is ground and first floor, with the bar and keg room at ground level and a function room, restrooms and bottle stores overhead.
The property at 1 Castle St is let to an individual trading as The Roundy House for 20 years at a rent of €67,600pa, with the lease, which provides for five-yearly rent reviews, due to expire in May 2026.
Gillian Earley of BidX1 said she has been advised by the vendor that due to Covid-19, the full rental amount is not being received.
Ms Earley said there has been “active interest in the property” since it hit the market about six months ago.
Despite ongoing lengthy pub closures under pandemic restrictions, she said they have had bar sales. “It’s so unprecedented at the moment, purchasers have to take a risk. But we have been selling pubs over the past year so we know people are willing to take that risk .” Ms Earley said the location of the Roundy is “key” with significant footfall due to proximity to Cornmarket Shopping Centre, Lidl, Rising Sons Brewery and McDonalds. A €10,000 deposit is required to take part in the auction, fully refundable to unsuccessful bidders.
Additional city centre properties that will feature in the auction are Tara House, 3 Washington St West, and 117 St Patrick’s St.
Both are mixed-use: ground floor retail and office accommodation overhead.
Tara House, a 252 sq m premises, is guiding at €370,000. The ground floor (82 sq m) is let for a rent of €19,000pa to Tax Assists Accountants Ireland Ltd. The lease on the mid-terrace building expires in July 2025. The first-floor office (66 sq m), second-floor office (58 sq m) and third-floor office (46 sq m) are vacant.
Meanwhile, 117 Patrick St, a 300 sq m mid-terrace four-storey premises between Michel Jewellers and Twilight News, is guiding at €450,000. The ground floor is occupied by Hale vape shop with rent of €18,000pa. The lease on this floor expired in October.
The first-floor office and second-floor office are vacant. The third-floor office is let to an individual on a 35-year lease from 1982 for €1,904pa. Parties bidding on the latter two properties require a deposit of €7,000, fully refundable to unsuccessful bidders.