THREE LANDMARK BANBRIDGE PROPERTIES UP FOR SALE
11 November 2013Three licensed and leisure premises in Banbridge, The Coach Inn and Jockey Club, Harry’s Bar and Restaurant and Iveagh Movie Complex are up for sale and attracting keen interest from prospective investors and operators according to selling agents, Osborne King.
Best known and longest established of the trio, The Coach Inn and Jockey Club is located in a prominent position on the town’s Church Square and has a guide price of £975,000. The property occupies a substantial site of circa 1.49 acres and comprises The Coach Inn Nightclub, a restaurant and Jockey Club in addition to upper floor office space and outbuildings to the rear. While prospective investors or owner-operators will have the opportunity to acquire and enhance an existing and well-established business, the extensive site offers further development potential. The second well-known and popular hostelry, Harry’s Bar and Restaurant consists of a public bar, lounge and restaurant while the first floor accommodates office and storage space. Enjoying a strong reputation for the quality of its food, Harry’s Bar and Restaurant will also offer the successful purchaser an excellent opportunity to build on and expand existing trade.
It is rare for a film complex to come on the open market, however, the Iveagh Movie Studios Complex situated at 26 Downshire Place is being offered for sale at a guide price of £1.5 million. Formerly the town’s swimming pool, the premises were extended and refurbished extensively approximately ten years ago to create a four-screen cinema, restaurant and snooker club. One of the screens also doubles as an auditorium complete with a large stage area for live performances and backstage dressing and hospitality rooms. The ground-floor level restaurant is currently vacant while the snooker club is leased at an annual rental of £5000. An agreement is in place with the local council that guarantees 28 days usage of the Screen One auditorium for a rental fee of £12,000 per annum.
John Martin, who is handling the sale of all three properties on behalf of Osborne King, commented: “There’s no doubt that transactional activity within the hospitality industry has increased significantly over the past year. Within the past month alone, we handled the sale of the Kurkova portfolio of seven pubs, which we sold for over £4 million. This portfolio attracted in excess of 20 offers from serious buyers, which was extremely positive but entirely reflective of the quality of assets on offer. Obviously, the recession has had a hugely negative impact on the hospitality business over the past few years, so it is very encouraging to see pubs and restaurants changing hands as it indicates a resurgence in confidence within the market.”
The properties are being sold by informal tender and interested parties are asked to submit their offers to Osborne King by the 8th of November.