One of the best-known licensed premises in south Dublin, Baker's Corner at Rochestown Avenue in Dún Laoghaire, is expected to attract a higher than usual level of interest when it goes for sale this week because the business includes a high-yielding investment property .
John Ryan of agent CBRE is guiding in the region of €4.75 to €5 million for the long-established premises and The Forge, a lucrative rental property producing an annual rental income of more than €150,000.
The anchor tenant in The Forge, Paddy Power bookmakers, pays an annual rent of €80,000 under a 20-year lease. The balance of more than €70,000 comes from a hairdressing business, fitness studio and three apartments.
Baker’s Corner is located in a densely populated residential area at the junction of Rochestown Avenue, Pottery Road and Kill Lane, adjacent to the Institute of Art, Design and Technology, which has more than 2,200 students.
It is also within walking distance of several new residential developments, notably the Cosgrave Group's Honeypark at Kill Avenue, which, when completed, will have around 1,600 houses and apartments. Large employers in the area include Argan Pharmaceuticals and the National Rehabilitation Centre.
Baker’s Corner is a highly profitable business that generates considerable income from not only drink sales but also from a food and an off-licence business. The two-storey over-part basement premises is in top-class condition.
The accommodation extends to1,180sq m (12,700sq ft), and includes a ground floor lounge with food catering area, kitchen, public bar and off-licence.
The first floor has a self-contained function room, stores and offices. The basement opens into a service yard with delivery facilities. The bar has a designated smoking area outside and parking for around 110 cars.
The Forge, a purpose-built investment building, is serviced by two passenger lifts. The entire property extends to 0.5 of a hectare (1.235 acres) and offers alternative uses subject to the necessary planning permission.
John Ryan says the sale of Baker’s Corner and The Forge offers a “once in a lifetime opportunity” to acquire a highly successful licensed premises with a substantial turnover as well as a significant rental income.