Cork's €2.25m Wetherspoon's sale joins other regional pubs on the market
Opening of JD Weatherspoon’s Linen Weaver in Cork in 2015, manager Louie Scott with some of the staff. Picture: Eddie O’Hare
CORK city’s Wetherspoons bar and restaurant is for sale with a €2.25m price guide as part of a c €10m portfolio sell off by the UK vintners group, which is also selling premises outside of Dublin in Waterford, Galway (not trading) and Carlow.
Listed this week are JD Wetherspoon's ‘regional’ premises at the Linen Weaver, on pedestrianised Paul Street in Cork city, with a €2.25m+ guide; An Geata Arundel in Waterford city, guided at €3.25m+; Carlow’s Tullow Gate at excess €1.25m, and the former Carbon Night Club at Galway’s Eglington Street, valued at over , valued at over €3.75m and likely to be eyed as a development site.
While joint agents CBRE and Savills guide the portfolio of four at €10m, they are likely to be sold individually, especially given the different profile of the Galway property.
Cork’s Linen Weaver, corner-set in the Huguenot Quarter in a building previously occupied by Newport Bar/Restaurant and House of Donegal comes after the recent arrival for sale of Cork Electric on South Mall, guiding €2.5m, the Wine Vault and adjoining properties on Washington Street/Lancaster Quay guiding €1.4m and the concluded sale of SoHo at an undisclosed price, likely to be c likely to be c €3m, with work ongoing prior to a reopening in coming weeks in new hands after a deal overseen by PwC’s Ger O’Mahony.
Wetherspoons is to concentrate on its Dublin premises, it’s understood, after a national expansion foray over a decade ago which also saw it eye other Cork city premises and one in suburban Douglas.
CBRE’s John Hughes 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.”
Stephen McCarthy of Savills added that the Wetherspoons decision to concentrate on its Dublin portfolio brought "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,” said Mr McCarthy.
