A bar off Dublin's Grafton Street redeveloped at considerable expense during the property boom to attract a youthful clientele has been sold by a receiver at a fraction of its original value.
The well-known Clarendon Inn licensed premises on Clarendon Street is believed to have been bought by a group of investors rather than a publican for a figure in excess of €2.3 million – well ahead of the guide price of more than €1.6 million.
John Ryan of CBRE, who handled the sale, said it was "much too early" to announce a selling price or to identify the purchaser.
However it is known that the sale attracted an exceptional level of interest at a time when many secondary pubs, particularly some in the north inner city, are virtually impossible to shift.
A considerable number of bars along north city streets only open periodically or have ceased trading altogether since the onset of the economic recession. The Clarendon Inn is in an entirely different market, half way between Grafton Street and South Great George’s Street in an area once identified with the rag trade and now best known for its bars, restaurants and entertainment facilities.
The Clarendon could possibly be converted into an alternative store but there has been no indication that a change of use is envisaged.
Demolish
The bar was bought in 1992 for €1.2 million by Christian and
Simon Stokes
who borrowed heavily to demolish and replace it with a four-storey over basement pub.
The brothers then sold the investment to developer Bernard McNamara for €7 million and leased back the premises at a rent of €400,000 per annum.
Both McNamara and the Stokes brothers later ran into financial difficulties. McNamara was one of the biggest casualties in the property crash with debts of €2.7 billion.
The Stokes brothers later had their Bang restaurant wound up with debts of €2.4 million.
The Clarendon has an overall floor area of 378sq m (4,068sq ft) including a ground floor lounge bar with an outside seating area.
The first floor also has a lounge and customer toilets; the second level has a catering kitchen while the top floor has a function room with interesting views over the city centre.
The pub was sold on the instructions of receiver Declan Taite of Duff &Phelps.
