The owners of The Viaduct bar and restaurant have called time on their involvement, putting the well-known property on the market, with offers sought in excess of €1.6m.
Almost exactly four years after Cliste Hospitality bought the prominent Bandon Rd premises for an undisclosed sum, it’s back on the market, refreshed and upgraded.
It’s the second well-established Cork hostelry to generate headlines since the New Year. Earlier this month, the Irish Examiner revealed that The Wilton bar, near Wilton Shopping Centre, had been bought by Cork publican Paul Montgomery for a sum north of €3m.
The Viaduct, on the N27, in the shadows of the landmark Chetwynd Viaduct, with a strong passing trade, will continue to trade throughout the sales process.
The decision to sell the property is on foot of a decision by Cliste Hospitality to focus on expanding its hotel portfolio and hotel management platform.
Since it was set up by Seán O’Driscoll and Paul Fitzgerald in 2019, the hospitality group has acquired 10 hotels, including the Radisson Blu in Little Island and Muckross Park Hotel in Killarney. Several restaurants are also part of the portfolio, including The Fork and Wheel in Midleton, East Cork.
Rob Coughlan and Malcolm Tyrrell of Cohalan Downing are the agents handling The Viaduct sale and they said it was “an opportune time to let a new management team in” as the property had been extensively revamped and the business successfully repositioned, with the management and wider team delivering “a strong operational performance”, particularly in the last year.
The group believed the business was in a “strong and stable position” and well placed for its next phase of development, under new ownership.
New owners will inherit a substantial premises of just under 7,000sq ft (646sq m) on a site of 2.84a (1.1ha) with over 110m of profile on the N71 Bandon Rd.
The property is currently laid out as a modern and spacious cafe, bistro, restaurant, and bar, and there’s also a two-bedroom staff apartment. Outdoor areas include an array of patios and courtyards, as well as 80 lined car parking spaces.
Mr Coughlan said that an additional open yard to the rear, which has the capacity for overflow parking, also has potential for future development “perhaps additional residential accommodation in the form of a hotel, aparthotel, or large guest house, subject to planning permission”.
The turn-key premises, which will be available with vacant possession on sale completion, dates to the 1990s and is an established hospitality venue.
An attempt to loft the Viaduct on the Bandon Road in January 1955. Mick Barry was the first man to achieve the feat.
Conveniently close to St James Cemetery, it’s a popular choice for memorial receptions and funeral lunches. It also enjoys quick access to Cork City, the South Ring road network and key suburban areas, along with being on the main arterial route to West Cork.
Nearby occupiers include Blackwater Motors, Johnson & Perrott Motors, O’Brien’s Inver Service Station, and Dunnes Stores.
Mr Coughlan said the two-storey bar and restaurant “genuinely represents a coveted opportunity for a new operator to acquire the property and continue to build on decades of established trade … without a need for any additional refurbishment works, modifications or major capital.”
“The Viaduct remains a highly regarded food and drinks destination with a loyal customer base and significant future potential,” the agent added.
The property is for sale by tender, to be submitted in writing no later than noon March 31, with completion to take place on or before May 29.In the meantime, it’s business as usual.
Details: E: rcoughlan@cohalandowning.ie, M: 086-3264320 E: mtyrrell@cohalandowning.ie M:087-2554116