A round-up of other commercial property news in brief
Brother of Treasury’s Barrett buys Bang Cafe lease
A US-based businessman, John Barrett, has acquired the lease of the Bang Cafe on Merrion Row in Dublin 2, which has been sold on the instructions of a liquidator acting for ACC Bank. Mr Barrett, who paid in the region of €400,000 for the lease, is a brother of Richard Barrett, a co-founder with Johnny Ronan of Treasury Holdings.
Bang Cafe and another business, the Clarendon Inn pub, were put into liquidation when brothers Christian and Simon Stokes ran into trading difficulties. The High Court also appointed a receiver to another of their businesses, the Residence private members club on St Stephen’s Green.
John McNally of estate agency McNally Handy, who handled the sale of the lease of the Bang Cafe, said the strong price paid showed that “location always pays”. The cafe can seat up to 85 diners and is rented at €125,000 per annum.
Portwest opens Dublin shop
PORTWEST, a Westport, Co Mayo company which makes outdoor clothing, sporting and leisurewear, is to open a flagship store in the former McCullough Piggott building, right, at Suffolk Street, Dublin 2.
Portwest has been trading in Westport, Co Mayo, since 1904 and over the years has been supplying sports retailers with its distinctive clothing. Last year the the company opened a manufacturing operation in Westport and a shop in Galway.
Owen Hughes of Portwest said that with increasing demand for its clothing, the company felt it was timely to open a store in Dublin city centre. They also felt the timing was right to secure an outlet “at more affordable terms”. The rent on the 550sq m (5,921sq ft) building is thought to be largely based on turnover and is expected to equate to around €200,000 per annum.
The company will be investing over €1 million fitting out the new store which will have a staff of 15. Natalie Brennan of CB Richard Ellis, which acted for Portwest, said the company planned to open other shops in prime university towns before the end of 2011.
‘Savills acted for the the owners of the building, Dawleigh, which is understood to be owned by property developer Bernard McNamara.
