Landmark Dublin pub Larry Murphy's has been sold to Paddy McKillen jnr's Press Up Group in a deal understood to be worth more than €1.7 million.
The final sale price was not disclosed, with agent CBRE saying the property had been sold for a price "in excess" of the €1 million guide. The sale comes as former owner ESB is close to finishing its new headquarters.
Larry Murphy’s at 43-44 Lower Baggot Street was once a popular licensed premises. However, it has not traded in some time.
The property is adjacent to Miesian Plaza, which is the headquarters of the Department of Health, and the new ESB headquarters on Fitzwilliam Street Lower, along with Slack's headquarters, and close to Google, Facebook, Twitter and LinkedIn.
"The sale of Larry Murphy's offered a very unique opportunity to acquire a licensed premises centrally located within the prime city business area," said John Hughes of CBRE, which acted for ESB in the sale. "The sale generated over 90 viewings including investors, developers and pub operators."
The property is a four-storey over basement licensed premises with accommodation extending to about 465sq m (5,005sq ft) and comprises a lounge bar at ground floor and basement levels, cellar storage with office accommodation on the upper three floors. The top floor office is currently let under a long lease and the tenant is not affected by the sale.
The sale comes following the news that property investor Hibernia Reit has acquired famed Dublin pub Scruffy Murphy’s off Mount Street Lower, in a deal understood to be worth about €2 million. It is not clear what plans Hibernia Reit has for the site, but it may target a residential build-to-rent scheme.