Sean Doyle group back in expansion mode as it buys the Coach House.
The landmark Coach House pub in Gorey town has been sold to the Sean Doyle Group for €795,000, almost twice its asking price.
Kilmuckridge businessman Sean Doyle has bought the landmark Coach House Pub, a premises he has run under a management agreement for the past three-and-a-half years.
The pub sold for almost twice its asking price at auction last Thursday afternoon. Three adjoining commercial properties also well exceeded their guide prices.
Mr Doyle confirmed that the Sean Doyle Group is back in expansion mode after restructuring last November. Among the other licensed premises it owns in Gorey are Oscars, Paddy Blues, and the Mezz Bar.
Sean said they’ve built up a nice business in The Coach House, and they hope to expand its food and functions trade.
The interest in the auction was described as unprecedented by Jim Kinsella of Sherry FitzGerald O’Leary Kinsella with multiple solid interested parties for all of the properties offered.
‘I would safely say that it’s the strongest price for a pub in a provincial town in recent years,’ he commented.
Bidding for The Coach House, which has an apartment above, opened at €400,000 and it was declared on the market at €450,000. Rapid bidding followed before the gavel fell at €795,000. A 13.5 per cent VAT rate will be added to this.
The other properties also attracted great interest. No. 47, which is home to Making Music, opened at €120,000 and was sold for €225,000, plus VAT.
The building which is home to The Gaslamp Gallery, No. 46, commenced at €120,000 and the successful purchaser heard the hammer fall at €200,000, plus VAT.
The Cottage Crafts building, No. 45, opened at €100,000 and the building was sold at €185,000, plus VAT.
Jim Kinsella was keen to point out that it is business as usual for the occupiers of all the properties as the tenants are unaffected by the sales.
He said that the result was a testament to Gorey town and it shows the confidence that the business community has in the town.
‘There were over eighty people in the auction rooms,’ he said. ‘That shows the depth of interest in good quality commercial property.’
‘Interested parties came from every county in Leinster although as it turned out all buyers were local to Gorey town,’ he said. ‘There were five different bidders for the pub and 21 different bidders for the three commercial properties.’