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Renowned Cork pub The Outpost hits market for €1m — but one in five bars for sale tipped to call time
About one in five pubs for sale in Cork will be redeveloped away from the trade because they are no longer viable, an expert in the local property market predicts.
The Cork property market has been alive in recent months, with some iconic pubs up for sale. In March, the Flying Enterprise complex on Sullivan's Quay went up for sale for €5.3m, while last week, The Hawthorn by The Lough went on the market, for the first time in 40 years, with an asking price of €1.6m.
This week, they were joined on the market by another renowned premises, The Outpost, in Bishopstown. Auctioneer Sam Kingston of Casey & Kingston auctioneers in Cork City is the selling agent for The Outpost, which has an asking price of €1m.
Mr Kingston said while he expected The Outpost and other venues could have a bright future in the licensed trade, others are likely to have called time for good.
Some pubs are being redeveloped for residential accommodation.
'There are about 50 pubs for sale in Cork City and county at the moment, and I'd imagine that at least 20% of them are non-viable as pubs, just because of location, ageing, and demographics,' said Mr Kingston.
'It's a different market. I'm in this business for 40 years and in that time, I've sold a lot of pubs. A lot of the pubs that I sold years ago in Shandon St and places like that are now closed and have been redeveloped into residential accommodation, and other uses.'
Mr Kingston believes The Outpost remains a sound investment opportunity. 'It's 5,000sq ft on quarter of an acre selling for €1m — that is value at €200 a square foot and if you look at the Bishopstown area, there isn't a huge amount of pubs there. There's a lot of new development being done in Waterfall nearby. It might well become a commercial development, but there's a strong possibility that it will work as a pub.'
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