LANDMARK CITY CENTRE PUBS UP FOR SALE
12 September 2013The impending sale of a number of landmark Belfast pub/restaurants including McHugh’s, The Kitchen Bar and The Apartment is attracting considerable interest locally and further afield according to selling agents, Osborne King, who have been instructed to dispose of these and four other licensed premises currently in administration. The other properties included in the package are The Parador and Ryan’s Bar and Restaurant on Belfast’s Ormeau and Lisburn Roads respectively; Molly Brown’s, Newtownards and Denvir’s Bar and Hotel, Downpatrick. These premises were formerly part of a portfolio owned by Kurkova Ltd, which jointly operated a portfolio of 16 pubs, restaurants, off-licences and hotels principally within the greater Belfast area prior to going into administration earlier this year.
The portfolio on offer has a combined guide price of £4.675 million and Osborne King expect that the properties will more than likely be sold as individual or combined entities rather than as a single acquisition. Interested parties have until the 13th of September to submit their offers by informal tender reflecting the high degree of confidence shared by both administrators and agents that operators eager to gain a foothold in the local market or to increase existing market share will try to snap up these properties.
Commenting on the level of interest to date, Mark Carron of Osborne King, said: “We have been inundated with enquiries about these properties, which is understandable given their profile, location, and indeed iconic stature particularly in relation to two of our historical “gems”, The Kitchen Bar and McHugh’s.”
“In terms of the latter, it offers a rare opportunity to acquire one of Belfast’s oldest pubs not to mention oldest surviving building, which dates back to 1711. At the other end of the spectrum, The Apartment is firmly established as one of the city’s most stylish watering holes and will attract buyers precisely for this reason.”
He added: “Encouragingly, although local interest has been extremely keen, we have been approached by a significant number of operators from the Republic of Ireland and mainland so it will be interesting to see ultimately who the successful bidders will be.”
The majority of the premises on offer are of a high finish and specification albeit a couple of the properties require modernisation and refurbishment and this is reflected in the guide prices, which range from £375,000 to £1.3 million. The portfolio will be sold by informal tender with offers requested in writing. Prospective purchasers will be able to inspect title documents prior to this date by contacting the vendors’ solicitor.