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26/03/2007
Superquinn investors pay €16m for Churchtown pub
The investors behind the Superquinn chain have agreed to pay about €16 million for McGowan’s pub in Churchtown, south Dublin.
The pub, which was expected to sell for about €10million, is on a site of 1.9 acres and is likely to be redeveloped as a Superquinn outlet under its new owners, Select Retail Holdings (SRH) which is the consortium behind Superquinn.
SRH is owned by property developers Jerry O’Reilly and Bernard McNamara, estate agents Bernard Doyle and David Courtney, hotelier Terry Sweeney, chartered accountant Kieran Ryan, financier Simon Cantrell and retailer Simon Burke, who is also chairman of Superquinn.
John Ryan, of estate agent CBRE, confirmed that the property had been bought by estate agent Spain Courtney Doyle on behalf of the Superquinn shareholders, but said he could not confirm the selling price.
There is a large car park next to the bar. Burke has previously said that the availability of free car parking can help to raise the turnover of a store.
Since buying Superquinn for more than €400 million, SRH has bought the Montrose Hotel in south Dublin, the Four Provinces in Ranelagh and sites in Rathgar, Drimnagh and Bray. The sites will be redeveloped to include new Superquinn outlets, as well as residential units.
The retailer is to open new stores in Baldoyle, Ashtown and Ringsend and recently sought planning permission for a new supermarket, 133 apartments and nine shops at its supermarket in Finglas.
Superquinn is planning to open up to 15 new stores by 2010, including outlets in Cork and Galway.
McGowans is not the first pub bought by SRH. The consortium bought The Greyhound pub in Blanchardstown near a Superquinn outlet for more than €10 million.
Sunday Business Post
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