Publicans return to Dublin pubs market with €51.5m in deals

The figures reflect a sharp drop on 2021 when 30 deals transacted with a combined value of €124m.

However Tony Morrissey of Lisney says 2021 was exceptional due to deals by private equity firms, most notably the UK-based Attestor.

In contrast publicans re-emerged as the main purchasers in 2022 as private equity purchasers reduced from 37pc of deals in 2021 to only one Dublin transaction in 2022.

Mr Morrissey attributed the publican deals to “their confidence in the outlook for the trade”.

Publicans purchased half of the 2022 pubs sold and 37pc of the amount spent. This compares to 37pc of deals and 15pc of spend in 2021. Investors also increased their market share accounting for 39 of the deals and their percentage of spend rose from 5pc to 36pc in 2022.

Demand for good city premises remained strong and was illustrated through the recent sale of O’Donoghue’s Suffolk Street to Paul Clinton as well as sales of Nancy Hand’s Parkgate Street and The Flowing Tide on Middle Abbey Street, to publicans.

He was also optimistic on the outlook for 2023 as 11 Dublin licensed premises remained for sale at the end of 2022, with more to launch in Q1 2023.

The most valuable pub deal saw private equity group Attestor add The Bleeding Horse on Camden Street to its stable.

David L’Estrange, who owns a number of pubs in partnership, sold that landmark property for around €9.2m.

Paddy McKillen Jr also expanded buying Ashton’s, Clonskeagh as well as development play Lamb Doyle’s, Sandyford on a 1.21 acre site and the former Stone Leaf / Buck Whaley’s on Leeson St for conversion to its Grafter serviced offices business.

Meanwhile the Mahon family, who own a number of New York pubs, bought JW Sweetmans near O’Connell Bridge for over €5m.

One of the investors was MMA fighter Conor McGregor who added The Waterside in Howth to his stable of holdings.

Meanwhile the MSCI/SCSI Ireland Quarterly Property Index reports that the value of Irish investment properties fell in 2022 by 4.5pc in the fourth quarter bringing the annual rate of decline to 6.2pc.

The fourth quarter saw the worst quarter for capital values since September 2011.