Drumcondra pub makes £1.31 million at auction

 

SEVERAL of Dublin's leading publicans were in contention last week for Fagan's bar at 146 Drumcondra Road Lower, Dublin 9, which sold at auction for £1,310,000. The price achieved equates to 3.6 times last year's turnover of £357,000. Tony Morrissey of estate agents Morrissey said that in the past pubs have been making on average one to 1.5 times the turnover. However, there was considerable potential for expanding the business in Fagan's bar. The three upper floors were used in the past as offices but the premises have been sold with vacant possession to Eamon O'Malley of the Autobhan bar.