A property portfolio - which includes the Bewleys Café on Westmoreland Street, two adjoining bars and a hotel on Fleet Street - is easily the most important sale of a business premises in the city for several years, writes Jack Fagan
One of Dublin's best known business premises, Bewleys Café in Westmoreland Street, two adjoining bars and a hotel around the corner in Fleet Street, are to be sold by tender on May 26th.
Paul Collins of CB Richard Ellis is quoting a guide price of €25 million for the substantial block and the businesses which are being sold as a going concern.
The property portfolio is owned by the Campbell Bewley Group which closed both the Westmoreland Street and the Grafton Street cafés two years ago. The landmark Grafton Street premises has since reopened under a new management arrangement with a separate company and the forthcoming sale of Westmoreland Street raises the prospect that this former café might also be reopened by new owners.
The sale is easily the most important of business premises in the city for several years and will undoubtedly attract the attention of business syndicates, as well as private investors, hoteliers, publicans and restaurateurs.
Bewleys has been trading on Westmoreland Street since 1896 and on Fleet Street since 1905. The buildings occupy a site of 0.13 hectares (0.32 of an acre) and extend to 5,530sq m (59,525sq ft) over eight levels. They occupy a prime trading pitch with substantial frontages on to Westmoreland Street, Fleet Street and Price's Lane at the rear. Their location along what is easily the busiest side of Westmoreland Street and also at the gateway to Temple Bar will considerably enhance their value.
The three-star Fleet Street Hotel is accessed from Fleet Street and has 71 en suite bedrooms - most of them with air conditioning - at first, second, third and fourth floor levels. Guests use part of the Fleet Room on the ground floor for breakfast while a mezzanine area is set aside for staff facilities. The hotel has no connection with the Bewleys Hotel Group, according to the selling agent.
The former Bewleys Café at 11/12 Westmoreland Street retains all its distinctive features and, with kitchen and service areas included, extends to 950sq m (10,225sq ft). There is a further 74sq m (796sq ft) on the mezzanine with customer toilets at basement level.
Both O'Sullivan's Pub and the Bridge Bar open on to Westmoreland Street. O'Sullivan's Pub operates at street level while the other business, with 950sq m (10,255sq ft), trades out of the basement. Four of the upper floors directly over the café and O'Sullivan's Pub with 596sq m (6,415sq ft) are rented by the Dublin School of English under a range of leases. Some of the leases have expired and, when renegotiated, the present rent roll of €46,000 will show an increase.
The property is substantially freehold with the exception of a part of number 10 Westmoreland Street which accounts for about 8 per cent of the overall floor areas. This is held under a 25-year lease from 1994 at a current rent of €170,000 per annum. The rent is subject to five-year reviews.
The Campbell Bewley Group has secured planning approval for a number of changes to the buildings, including the separation of O'Sullivan's Pub and the Bridge Bar from the former café. There is also consent to change the upper floors over 10-12 Westmoreland Street from office to hotel use. This would provide an additional 18 bedrooms and six meeting rooms. The planners have also cleared the way for a new link between Price's Lane and Westmoreland Street and the addition of 13 further bedrooms.
