Going for the treble: Attractive threesome includes O’Driscoll’s pub in Douglas Village

All three house businesses that are well-established in the village and tenants are unaffected by the sale. The current annual rental income across the three units is just under €180,000 pa. O’Driscoll's Bar, owned by Willow Grove Taverns Ltd, who have been leasing the pub since 2007, signed a new 20-year-lease in May of this year, with five yearly reviews (market rent). Annual rental income from this property is €48,780. BoyleSports Ltd, where the rental income is €95,000 pa, has just under five years left to run on its 20-year upward-only lease. A new 10-year lease agreement is currently being worked on vis-à-vis Hai Tian Restaurants Ltd, trading as the Rose Garden. Annual rental income currently is €36,000, with rent set to increase to just under €40,000 pa for years 3-10 of the new lease. 

Handling the sale on behalf of receivers is Rob Coughlan of Cohalan Downing and he said the existing user mix of bar/food/bookmaker “is highly desirable and difficult to secure”. A key attraction is the long term secure income, he said, along with the “high profile location" with "an exceptional trading position in the heart of Douglas Village”.

“It’s a fantastic investment opportunity,” Mr Coughlan added.

He is guiding offers in the order of €1.2m plus VAT (if applicable) which he said “reflects a net initial yield of 13.63%”, after deduction of standard purchaser’s costs of 9.96%. The sale is by tender, with a deadline of 12 noon, Wednesday, November 22.

The three fully-occupied and self-contained commercial units, for sale as a single lot, are part of a single block at Nos 1 & 2 Church Street and East Douglas Street.
The overall size is 735 sq m (7,914 sq ft), over part basement, ground and first floors. The units are near the phenomenally popular KC’s takeaway, a 100 sq m premises that went on the market last year for a reported €2m, via Gerard O’Callaghan of ERA Downey McCarthy. 

While there was significant interest from outside parties, it’s understood a third generation member of current owners, the Crawford family, has now taken over the business.

Douglas village has seen a number of high-profile commercial property transactions in recent years. In February, Douglas Village Shopping Centre sold via Cushman & Wakefield for more than €23m to the Tom Coughlan-led property investment firm Urban Green Private.

Mr Coughlan’s company won out over seven interested parties all of whom either bid at or above the original asking price of €21m for the 230,000 sq ft premises, on six acres. 
Last week another Tom Coughlan-led venture, the popular Marina Market tin Cork City's docklands, was granted retention planning permission, having previously been refused permission. 

In 2022, an entire street in Douglas, the mixed-use East Village, built in 2000, sold for about €11 million via Lisney.

 The buyer was believed to be a private investor, rather than a fund.

In 2021, a prime site in Douglas village, which included the former PTSB bank as well as land and buildings to the rear, sold via Savills for just above the asking price of €1.8m. A subsequent application from Sirio Investment Management Ltd to build three apartment blocks, ranging in height from six to 10 storeys, on the site, was refused planning permission. 

The latest commercial property offering, of pub/bookmaker/restaurant is expected to attract strong interest as it's in a prosperous, well-populated suburb, just 4km south of Cork City and with good access to the South Ring road network.

DETAILS: Rob Coughlan E-mail: Rcoughlan@cohalandowning.ie Phone: 021-427771