30 Dublin Pubs Totalling More Than €43 Million Changed Hands In 2016
Dublin, Jan 5th 2017 – Commercial property consultants CBRE Ireland today released statistics on the volume and value of pub sales in the Dublin market in 2016, showing that a total of 30 pub properties, totalling more than €43 million between them sold in the Irish capital during the last year. This compares to €40 million in 35 pub sales in Dublin the previous year.
The number of Dublin pub properties changing hands in 2016 was down on the previous year, with 30 Dublin pubs having sold last year compared to 35 in 2015. Conversely, an improvement in trading conditions in Dublin is reducing the number of licensed properties that are being offered to the market for sale. There are now fewer instances of distressed sales in this sector of the market with a notable increase in the number of consensual pub sales over the last 12 month period in particular. While the total capital value of the Dublin pub market has remained relatively stable over the last few years, the average price achieved for Dublin pubs has continued to trend upwards. The average sale price is expected to increase further in 2017 considering that trading conditions in this sector continue to show signs of improvement.
Some notable Dublin pub properties that sold in the last 12 months include Kennedy’s on Westland Row in Dublin 2, Kennedy’s in Drumcondra, Dublin 9 and Howl at the Moon on Mount Street in Dublin 2.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.