€1.6m at auc­tion for Castle­town Inn

Irish Independent - Business Week - - COMMERCIAL PROPERTY - Ronald Quin­lan

THE Castle­town Inn in Cel­bridge, Co. Kil­dare, se­cured an im­pres­sive €1.6m at auc­tion last week.

Agents REA Coo­nan and John Younge Auc­tion­eers presided over the sale of the premises in a public auc­tion held at Buswells Ho­tel in Dublin on Wednesday, July 5.

Bid­ding on the Castle­town Inn opened at €850,000 and in­creased in in­cre­ments of €25,000 up to €1,375,000. At that stage, the auc­tion was ad­journed and fol­low­ing a brief dis­cus­sion with the ven­dors, the in­struc­tion was to try again. The bid­ding then went to €1,475,000 and af­ter fur­ther con­sul­ta­tion with the ven­dor, it was agreed to place it on the mar­ket at this level. A fur­ther bid of €1,480,000 fol­lowed be­fore the suc­cess­ful bid­der, a prom­i­nent pub­li­can from North Kil­dare, de­liv­ered a knock­out bid of €1,600,000 to se­cure the prop­erty.

The Castle­town Inn is a long- es­tab­lished and suc­cess­ful pub lo­cated at the heart of Cel­bridge town.

Up­stairs is the pop­u­lar Green’s restau­rant with a sep­a­rate en­trance and seat­ing for 65 peo­ple. The prop­erty has the ben­e­fit of a rear car park con­sist­ing of 43 car spa­ces. The en­tire site con­sists of 0.5 acres and has the ben­e­fit of an ad­ja­cent de­tached two­s­torey house.

It is a square site with sub­stan­tial frontage and pro­file to Cel­bridge’s main street and has, ac­cord­ing to the agents, ob­vi­ous development po­ten­tial.

The Castle­town Inn was the sub­ject of in­tense bid­ding

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