Just under 10 years on from its entry to the Irish market, the UK-headquartered pub giant, JD Wetherspoon, is seeking a buyer for its regional portfolio. The company’s premises in Cork, Waterford, Galway and Carlow are being offered for sale in one or separate lots. The entire portfolio is guiding at €10 million while individual pricing is available from the joint selling agents, Savills and CBRE.
Three of the properties are trading and comprise of: An Geata Arundel on Arundel Square in Waterford; The Linen Weaver on Paul Street in Cork, and The Tullow Gate on Tullow Street in Carlow. All three pubs have undergone extensive refurbishment and are being offered for sale in turnkey condition.
The fourth property is the former Carbon Night Club at 19-21 Eglington Street in Galway, which is not trading but has recently been granted planning permission to permit licensed premises and restaurant use. The former nightclub’s city centre location is likely to appeal to developers, according to the joint selling agents.
While the sale of JD Wetherspoon’s regional portfolio represents a reversal of its original Irish expansion programme, the group will continue to operate in the Dublin market where its interests consist of The Forty Foot in Dún Laoghaire, The Great Wood in Blanchardstown, The Old Borough Hotel and pub in Swords, The Silver Penny on Lower Abbey Street, and the Keavan’s Port Hotel and pub on Upper Camden Street.
JD Wetherspoon entered the Irish market in December 2013 with a €1.5 million deal for The Tonic Bar in the south Dublin village of Blackrock. The group rebranded the pub as The Three Tun Tavern following a €1.5 million refurbishment and continued to trade there until early last year when it sold the premises for about €2.5 million to a pub group co-owned by Noel Anderson and current and former Leinster Rugby players, Seán O’Brien, Jamie Heaslip, and Rob and Dave Kearney. The group also own and operate Lemon & Duke, just off Dawson Street in Dublin city centre, and the Bridge 1859 in Ballsbridge, Dublin 4. JD Wetherspoon’s decision to sell the Blackrock venue is understood to have been informed by the pub’s proximity (3km) to another of its premises, The Forty Foot in Dún Laoghaire.
Commenting on the sale of JD Wetherspoon’s regional portfolio, Stephen McCarthy of Savills said: “This is a rare opportunity to acquire an exceptional collection of landmark licensed properties in some of the most coveted locations in the country. We expect this sale to appeal to a broad cross-section of hospitality groups seeking to scale their existing operation and benefit from the extensive investment which has already being committed to these assets.”
John Hughes of CBRE said: “The trading properties in Cork, Waterford and Carlow are presented in excellent condition offering an excellent opportunity to acquire the businesses individually or as a portfolio. The property in Galway city centre meanwhile offers scope to develop a landmark licensed premises or alternative uses, in the heart of the city.”
