Dublin publicans are cashing in on record property prices and selling to developers.
A new trend has emerged whereby Dublin pubs are being sold to property developers and turned into apartment blocks.
Pubs are following the trend set by petrol stations, many of which have been sold to property developers. In the first six months of 2006, 24 pubs have been sold in Dublin with a number of them being snapped up by developers.
Large premises are being bought by developers who are turning them into houses and apartments.
The Royal Oak in Finglas was recently sold for €6 million, the Swiss Cottage in Santry was sold for €10 million, The Dollymount House was sold for €15 million.
Auctioneer Tony Morrissey specialises in licensed premises and says that many pub sites are now considered very valuable. He also says that stricter drink driving laws have impacted on the profitability for many publicans who have now decided to cash in and get out of the trade.
More bars are likely to call time on their businesses in future.
An RTÉ News report broadcast on 15 September 2006. The reporter is David Murphy.
