The owners of the Porterhouse bar in Temple Bar have paid almost €5.5 million for the lease of the Dublin nightclub Lillies Bordello, and its associated bar, Judge Roy Beans, a record price for a leasehold interest in Dublin.
The sale by private treaty of the city centre venues was finalised yesterday, just under two months after the properties were withdrawn from auction after they failed to attract a bid.
Auctioneer Mr John Younge said last night that the new owners, Mr Oliver Hughes and Mr Liam le Hart, of Fabola Ltd, intend to keep Lillies nightclub but plan to redevelop the downstairs bar, Judge Roy Beans, as a Porterhouse-style bar.
A redeveloped Judge Roy Beans will be the fifth Porterhouse venture. Fabola Ltd's other directors are Mr David L'Estrange, and Mr Frank Ennis.
Judge Roy Beans and Lillies Bordello are located on Nassau Street and Adam's Court off Grafton Street. They have a combined area of 836 square metres. The nightclub's VIP section has been a favourite venue for celebrities visiting Dublin. Bono, Michael Flatley, Eamon Dunphy, Louis Walsh and Eddie Irvine are regulars.
The two venues have a turnover of around €6 million, net of VAT. Part of the property is held on a 99-year lease running from 1970, while the rest is held on a 68-year lease running from 2001.
The Egan family, which sold the venues, also own Bruxelles bar in Dublin. It is believed that they intend to retain this bar and to continue developing their business interests in New York.
The Porterhouse on Parliament Street is a pub and microbrewery, which produces about 160 kegs of porter, ale and lager a week in its on-the-premises brewery. The new owners of Lillies and Judge Roy Beans will be able to avail of recent tax breaks for micro-breweries.