Redevelopment Sites: Two more Dublin bars going for sale this week offer redevelopment opportunities.
The well known Pembroke public house at Pembroke Street in Dublin 2 is located in a thriving business area while the Addison Lodge opposite the Botanic Gardens on Botanic Road in Glasnevin, Dublin 9, is being sold along with an adjoining detached house on a combined site of 0.43 hectares (1.064 acres).
John Garvey of Lisney is quoting a guide price of €5 million for the Pembroke which is for sale by tender on November 9th.
Morrissey's is handling the sale of the Addison Lodge which is likely to be bought by a developer who could expect to get planning approval for a high density apartment scheme alongside the bar. The bar and the adjoining home are being sold in two separate lots but are likely to be bought by the same developer when they go to tender on November 1st. The two properties carry a combined guide price of over €13 million.
The Pembroke comprises a three-storey over basement mid-terrace commercial building with an extensive bar at ground floor, lounge at mezzanine level and ancillary accommodation in the basement. The bar is particularly well fitted out with mahogany and marble top counter. There is also a roof garden to facilitate smokers.
There is a Turkish restaurant, Layla, trading under a licence agreement at first floor level. The rent is currently €56,680 per annum.
The second floor incorporates offices and a studio which pays a rent of €15,000 per annum. Neither of the tenants has obtained statuary rights, according to Garvey. He said that the building, with a total floor area of 1,082sq m (11,646sq ft), "had excellent development potential" and would be of interest to developers, investors and publicans.
The Addison Lodge offers considerably more development opportunities because of the likelihood that the house will be demolished to make way for a block of apartments and that part of the grounds of the licensed premises will also be redeveloped.
The business has been run by Freyne family for the past 53 years and had a turnover in the 12 months up to January last of €1,526,448 from drink and food sales, as well as from 12 guest rooms.
