South Dublin’s Magic Carpet takes flight for €12m

The Cornelscourt pub on 2.7 acres has obvious redevelopment potential

The Crowley family has run the Magic Carpet since the 1950s.

The Crowley family has run the Magic Carpet since the 1950s.

 

The Magic Carpet pub on 2.7 acres in the affluent south Co Dublin suburb of Cornelscourt is on the market for €12 million through Lisney and Morrissey.

Zoned part-residential and part-neighbourhood centre under the local development plan, the property has obvious redevelopment potential – subject to securing planning permission – for a residential, commercial or mixed-use scheme.

There is no recent planning history on the site, but a feasibility study by architects O’Mahony Pike indicates a possible development of 70 apartments, four detached houses and 1,000sq m (10,764sq ft) of commercial space to include a pub of more than 300sq m (3,229sq ft) and retail units.

Given the topography of the site it is expected that car-parking could be accommodated in a cost-saving undercroft arrangement.

The existing site includes two houses on lands to the rear of the pub which have vehicular access from Gort na Móna Drive in Foxrock.

There is also 40m of frontage to Bray Road which provides access to the pub’s 27-space car park.

The Crowley family has run the Magic Carpet since the 1950s and, after almost 70 years, has decided to retire from the business.

The upper floors of the pub operate as an art gallery and theatre.

All businesses on site – including the pub, off-licence, art gallery and theatre – are trading as usual.

The surrounding area includes the Magic Carpet neighbourhood centre and the large Cornelscourt shopping centre anchored by Dunnes Stores. However, this is a predominantly residential area typified by large detached houses on decent-sized sites.

It is within sight of the N11 with its QBC, as well as to the M50 and the Luas at Carrickmines. There is a good selection of schools nearby and Cabinteely Park – with its standout playground – is within walking distance.

According to a recent study by the Drinks Industry Group of Ireland, the number of pubs in Ireland has fallen by more than 17 per cent over the 12 years to 2017. Most of the decline was in rural areas;Dublin pub numbers are actually up 4.3 per cent since 2012.