A famous Dublin pub which once welcomed Brendan Behan as a regular is for sale for $1million – five years after it sold for a whopping $5.7million.
John Doyle’s, on the north side of Dublin’s city centre in Phibsborough, is regarded as a landmark premises with even the road outside, Doyle’s Corner, named after it.
The fact that its market value has fallen by 80 percent since 2006 has sent shock waves through the Irish property and bar industries.
One local publican said: “Doyle’s Corner used to be a goldmine and if €850,000 or less is the price being asked for pubs we are all in trouble.”
The current price, set by the bank trying to offload the premises, is even lower than the $1.4million the well-known pub fetched when it sold in the early 90s.
“National Irish Bank was looking for cash offers over one million. However, the bank dropped it down to €850,000. There is another week to go in the sale,” explained Tony Morrisey who is handling the sale.
The brochure from selling agents Morrisey’s describes the property as: “John Doyle’s is an opportunity to acquire one of Dublin city’s most famous landmark licensed premises.
“Extending to 7,232 square feet and is in excellent trading condition which enjoys a steady business, with obvious business potential to enhance the same under new ownership.”
The huge drop in value at John Doyle’s is just typical in a difficult market.
Pub sales expert John Hughes, from the Dublin agency CBRE, said: “It is very challenging out there. There are very few pub properties that would have sold in Dublin this year; there is some interest in pubs, but the number of sales has been limited.
“The whole difficulty is in raising finance, if there was funding available things would improve.”