Savills & CBRE have been jointly appointed by JD Wetherspoon to dispose of their regional portfolio of licensed properties located in Cork, Waterford, Galway, and Carlow.
Three of the properties are trading and comprise of:
- An Geata Arundel, Arundel Square, Waterford
- The Linen Weaver, Paul Street, Cork
- The Tullow Gate, Tullow Street, Carlow
They have each undergone extensive refurbishment and present in turnkey condition. The fourth property is the former Carbon Night Club, 19-21 Eglington Street, Galway which is not trading but has recently been granted planning permission to permit licensed premises and restaurant use. Given its prime city centre location however, it is likely the site will also appeal to developers.
Stephen McCarthy of Savills commented:
“The Wetherspoon Portfolio offers a rare opportunity to acquire an exceptional collection of landmark licensed properties in some of the most coveted locations in the country. Accordingly, we anticipate the portfolio will appeal to a broad cross-section of hospitality groupsseeking to scale their existing operation and benefit from the extensive investment which has already being committed to these assets.”
John Hughes of CBRE commented:
“The trading properties in Cork, Waterford and Carlow are presented in excellent condition offering a rare opportunity to acquire the businesses individually or as a portfolio. The property in Galway city centre presents a unique opportunity to develop a landmark licensed premises or alternative uses, in the heart of the city.” The portfolio is being offered for sale by private treaty in one or separate lots.
The entire portfolio is guiding excess €10m.