ESTATE AGENT Morrissey’s is expected to seek offers over €1 million for the lease of the insolvent private members club, Residence, at Dublin’s St Stephen’s Green, which has been put into receivership by Zurich Bank.
The club has debts of €4 million, including €1.2 million to the Revenue.
The club was opened in May, 2008, by twin brothers Simon and Christian Stokes whose Bang café close by is also in receivership. There have been eight offers for that lease.
Residence has 1,450 members, some of whom paid the initial subscription of €1,600 plus a €250 joining fee. Subscriptions were reduced in recent months.
The Stokes brothers spent €3.4 million refurbishing and fitting out the four-storey over basement building which is rented from property developer Johnny Ronan at €225,000 per annum. Under the seven-day licence regulations, a member of the public cannot in ordinary circumstances be refused entry.
Morrissey’s will invite interested parties to make “a best and final offer” by March 4th.
