2014 proved to be an important year in the Irish Property sector with a significant increase of pub and hotel sales, according to a report written by the CBRE in its Review of 2014 and Outlook for 2015 for Irish commercial real estate.
At the years end there were more than 38 pubs sold totalling €44million and 19 pubs dealing in ‘legals’ totalling €27.5million, a ‘phenomenal’ 63 hotels being sold for €341.2 million and €355 million dealing in ‘legals’.
Although many of the sellers were no longer trading and were required to sell, there was an improvement on the quality of what was for sale. This led to the biggest change of all time in 2014, with business owners buying in order to improve the profitability of the underlying business through remarketing and revamping the business.
There are high hopes for 2015 in the pub trade with the annual pub turnover being three times that of years previous. The report mentions that multiple business owners are likely to expand throughout the Irish market with the support of international funding or other assistance rather than being bank funded.
CBRE reports that the profile of Dublin publicans is changing, with publicans increasingly younger, of a higher education and more tech savvy, much more than their predecessors.
Article from Drinks Industry Ireland Magazine, Read the full story here: http://www.drinksindustryireland.ie/2014-pub-sales-exceed-all-expectations/