SMYTH’S PUBLIC house in Malahide, Co Dublin, is the first bar to have been sold this year in Dublin city and county.

It has changed hands for €7 million in an off-market deal negotiated by licensed property specialists Morrisseys.

The business was acquired by Derek Fowler and his wife, Connie, who already own a bar in Ballyfermot.

Noel Smyth has run the Malahide bar for over 30 years.

He also owns The Cock Tavern in Swords while his brother owns and operates Smyth’s in Fairview.

Bill Morrissey of the selling agent said the disposal of Smyth’s pub in Malahide would go a long way towards underpinning confidence in the licensed property market which had seen little activity over the past 18 months against the backdrop of a difficult economic climate.

While this has been the only sale recorded so far this year, only six of the 900 or so pubs in Dublin city and county changed hands in 2008.

On average at least 40 bars have been sold in most years.