Paddy McKillen jnr and Matt Ryan's Press Up Group has completed its purchase of the well-known Ashton's pub in Clonskeagh, south Dublin.
While the price paid has not been disclosed, The Irish Times understands the landmark premises changed hands for about €3 million.
Ashton's had been taken over in 2012 by Ronan Kinsella and Paul Lenehan, who also own and operate Hartes of Kildare in Kildare town and the Dew Drop Inn, in Kill, Co Kildare. During this time they acquired a restaurant licence for the premises and invested in a new patio and terrace area. However, with their 10-year lease up, the Press Up Group moved to acquire the freehold interest in the property with the benefit of vacant possession. John Ryan of licensed property specialist Bagnall Doyle MacMahon brokered the off-market transaction on behalf the pub's previous owners, a group of private Irish investors.
New outside terrace
Ashton’s occupies a high-profile trading location on Clonskeagh Road, close to the Beech Hill office complex and UCD’s main campus at Belfield. The extensive two-storey licensed premises extends to approximately 465sq m (5,000sq ft) and comprises a lounge bar with a restaurant, catering kitchen and stores on the lower-ground floor. The property’s new outside terrace overlooks the Dodder river and the weir at Beaver Row.
Commenting on the sale, Ryan said: “This transaction reflects the strong current demand for prime Dublin pub assets located in densely populated and busy areas of the city where the business model for substantial turnover is achievable.”