THE ARGENTINIAN steak restaurant chain Gaucho is planning a lavish fit-out of its first Dublin restaurant which is to open next spring in the former Ron Black’s bar on Dawson Street, Dublin 2.
The group, which has 14 restaurants in London and Manchester, is reported to be planning to spend in excess of €500,000 on the refurbishment and decor in the expectation that it will corner part of the the upper end of the restaurant market in the city centre.
It will be in direct competition with the Mario Pierre White restaurant close by on Dawson Street and the Town Bar and Grill on Kildare Street.
Although Peploe’s is also trading in the same precinct, it is unlikely to be unduly concerned about the new competition given the continuing loyalty of its business customers both at lunchtime and in the evenings.
Despite the fall-off in key money and rents in the city centre, Gaucho is paying dearly for its new Dublin base. It is understood to have agreed a premium of around €450,000 for the lease of Ron Black’s bar which came on the market when the Thomas Read Group of licensed premises went into receivership. The rent for the two-storey premises will be €400,000 per annum.
Most of the seven other bars and a single restaurant in the Thomas Read Group are trading again after the leases were put on the market through Morrissey.
A Wexford-based publican, Sean Doyle, is operating The Harbourmaster bar in Dublin’s IFSC. The keys of the premises were initially handed back to the owners, Davy private clients.
Businessman Brian Montague is believed to have paid a substantial premium for the lease of Pravda and the adjoining Winding Stair restaurant near the Ha’penny Bridge in the north inner city. The overall rent is €212,000.
Morrisseys say that the lease of The Bailey on Duke Street is currently “under offer” from a Dublin publican. The agents refused to say if they had secured the asking key money of over €1 million for the licensed premises which are rented from Marks & Spencer at €375,000 per annum.
Another publican is to take over the lease of The Lincoln Inn at Lincoln Place subject to the approval of the owners, TCD.
Key money of €400,000 had been sought for the lease. The rent in this case is €110,000 per annum.
The decision by the receiver of the Thomas Read Group to assign the lease of the Dawson Lounge on Dawson Street to a Dublin publican is still subject to the approval of the landlord. Key money of €350,000 had been sought in this case.
Although an outright sale of the lease on Searsons of Baggot Street was not agreed, a management contract is to be given to a new operator with an option to purchase at a later stage. The rent is currently €400,000 per annum.
Finally, Morrisseys report that they are close to agreement on the sale of the lease of the Thomas Read bar on Parliament Street.
Key money of €1.5 million had been sought for the lease. The corner premises are rented at €230,000 per annum.
