LICENSED PREMISES MARKET REVIEW 2018 & OUTLOOK 2019 - Lisney
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LICENSED PREMISES MARKET REVIEW 2018 & OUTLOOK 2019
00 INTRO
01
DUBLIN LICENSED
PREMISES SOLD
02
INTRODUCTION &
ECONOMIC OVERVIEW
IN 2018
04 06 08
03
OVERVIEW OF THE
04
OPERATIONAL
05
ANALYSIS OF DUBLIN
Contents
DUBLIN LICENSED TRENDS MARKET IN 2018
PREMISES MARKET 2018
10 14 18
MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019
06
PROVINCIAL MARKET
07
LICENCE MARKET FOR
EXTINGUISHMENT &
08
OUTLOOK
FOR 2019
TRANSFER PURPOSES
22 24 26
09
STATISTICS YEAR END
REVIEW 2018
28
00 From strength to strength
INTRO
This year, Morrissey’s joined forces
with the Lisney team and together
have formed the market-leading
Licensed & Leisure arm of the Lisney
business. Together, they carry on
their joint traditions of reliable and
expertly informed advice.
An improved
and expert
focus on MORRISSEY’S
our clients Morrissey’s was established in 1935
in Nenagh, Co. Tipperary and are the
leading firm of Auctioneers & Valuers
on delivering expert knowledge and
unrivalled service to their clients.
From left to right: Shane Markey, Tony Morrissey, Rory Browne and Duncan Lyster Morrissey’s has remained the dominant
specialising in the sale, acquisition and
force within the licensed and hospitality
valuation of licensed premises and
field and are regarded as the industry
hospitality property in Ireland.
experts, operating nationwide and
The company was initially established providing a complete comprehensive
by Daniel Morrissey, a senior politician going concern consultancy service
LISNEY and former Minister for Industry &
Commerce, and moved to Dublin in
utilised by private, group, institutional
and financial clients alike.
1946 spurred by strong encouragement
Continuing on in the company’s core
Lisney was founded in 1934 and is one When established, over 80 years ago, from several prominent members of the
founding traditions, Morrissey’s pride
of the best-known estate agents in the Lisney’s aim was to provide an unrivalled Dublin Licensed Trade.
themselves in providing expert advice
market. In fact, Lisney are the largest service. Getting ahead of one’s rivals
Dan was succeeded by his son, Tony, in respect of all aspects of licensed &
Irish-owned full service property means doing what they do, only
in 1956 who further expanded the firm hospitality related property.
advisory company who provide both better. Staying ahead means creating a
which was subsequently taken over in
commercial and residential property difference all of your own, a quality that
1993 by his two sons, Tony & Bill.
services to a wide range of clients. can’t be imitated. The Lisney difference
means attentive, reassuring advice and TONY MORRISSEY
Remaining as a private practice and
The company was initially established Director
realistic timeframes. It means achievable operating through three generations the
as Harry Lisney & Son in having traded
valuations and satisfying results. company has retained a continued focus January 2019
as Franks & Franks for the ten years
from 1924. These core beliefs and focus remain
today and Lisney continues to pride
Lisney is a private limited company,
itself upon providing expert knowledge THE MERGER OF TWO COMPANIES
owned by the directors, each of whom
and advisory services through
work full time in the business. The
knowledgeable and well-informed In May 2018, Morrissey’s was acquired Morrissey’s and Lisney believe that
company and its personnel pride
personnel each of whom strive to stay by Lisney and now form the Licensed together our position as market
themselves in the depth and quality of
ahead of their competition. & Leisure arm of Lisney. Headed up by leaders within the Irish property field
our research which helps our clients to
make more informed and reasoned real Tony Morrissey he, along with Rory is stronger, allowing us to focus on the
estate decisions. DUNCAN LYSTER Browne and Shane Markey, will continue requirements of our valued clients
Managing Director the tradition of both companies in across the wide range of property
Lisney is a nationwide company with providing reliable expert informed services offered.
offices in Dublin, Cork and Belfast. January 2019 advice and services to their combined
client base.
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01
DUBLIN LICENSED
PREMISES SOLD
IN 2018
5. The Purty Kitchen
MORRISSEY’S | LISNEY THE DUBLIN LICENSED PREMISES SOLD IN 2018
SALES IN DUBLIN 2018
• Liam Walsh’s • The Lighthouse
1. 43 Aungier Street 36 Parkgate Street 8 Upper Georges Street
1 Diggs Street, Dublin 2 Dublin 8 Dun Laoghaire
Co. Dublin
Now The Lucky Duck
• The Black Raven
2. The Kylemore House 3 Church Street • Residence
2. The Kylemore House Skerries 41 St. Stephens Green
Kylemore Road, Old Naas Road Co. Dublin Dublin 2
Bluebell, Dublin 12
Leasehold Interest
3. The Eagle House & • The Cock & Bull
3. The Eagle House & Rasam Restaurant Coolock Village
Rasam Restaurant
18/20 Glasthule Road Coolock • The Brewery Bar
Glasthule, Co. Dublin Dublin 5 5/9 Newport Street
Dublin 8
Investment Interest
• The Stillorgan Orchard
6. The Metro
4. The Richmond Bar 1 The Hill • The Thomas House
119 Church Street Upper Stillorgan 86/87 Thomas Street
Dublin 7 Co. Dublin Dublin 8
5. The Purty Kitchen • The Big Tree • Kenny’s
3/5 Old Dunleary Road 41/41A Lower Dorset Street 173/174 James Street
Dun Laoghaire, Co. Dublin 493 North Circular Road Dublin 8
Dublin 1
Part Leasehold
6. The Metro • Bakers Corner
1. 43 Aungier Street 4. The Richmond 155 Parnell Street, Dublin 1 Kill O’The Grange
Deansgrange
Co. Dublin
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02 INSIGHTS
10.6M
INTRODUCTION &
ECONOMIC OVERVIEW
VISITORS RECORDED PER
CSO IN 2018.
Market on
the rise
FIGURES FROM GDP grew by 4.9% in the year
to Q3 while GNP was up 3.1% in
Q3 2018 labour market figures show
that Irish labour market conditions
be the source of this fall in confidence
among consumers. While the current
Inflation, measured by the Consumer
Price Index (CPI), increased by 0.7% in
The outlook for 2019 is largely positive
with consumer sentiment remaining
THE CSO FOR the year. Consumer spending have improved substantially, with
unemployment levels continuing to fall.
level of the sentiment index at 96.5
is consistent with the cautious Irish
the year to December. The most notable
changes in the year were increases in
upbeat off the back of strong economic
growth and a significant recovery
increased by 2.9% in the period.
Q3 2018 SHOW The strength of the construction
In the year to Q3 2018, Irish employment
increased by 3.0% (+66,700), which brings
consumer, there is still a broadly
positive sentiment among this group.
Housing, Water, Electricity, Gas & Other
Fuels (+4.6%), Alcoholic Beverages &
witnessed in trading performance.
Brexit and its true impact however
THAT THE IRISH sector continued to make a large
contribution to growth in core
total employment to 2.27m people
according to the CSO Labour Force
Notably, Irish consumer confidence
averaged 88.1 points from 1996-2018.
Tobacco (+2.8%) and Restaurants &
Hotels (+2.1%).
remains an unknown and a viable threat
to business and consumer spend. We
ECONOMY investment. Core investment Survey. Unemployment decreased by
19,700 (-12.1%) in the year to Q3 2018 Data from the CSO reveals the volume Tourism remained a strong contributor
anticipate that the recent demand
witnessed in the market to continue
CONTINUES TO grew by 19% in the year to
Q3. Government expenditure
bringing the total number of persons
unemployed to 143,800. Meanwhile, the
of core retail sales rose by 1.9% in the
year to November 2018 (motor trades
to the market with more than 10.6
million visitors recorded per the CSO,
throughout 2019 however, and similar
to the last two years, characterised
SHOOT AHEAD. exhibited an increase of 6% over seasonally-adjusted unemployment rate excluded), while the value increased the highest ever recorded and an by a lack of supply which will remain a
the same period. Compared was 5.7% at the end of September. by 2.7% over the same period. The bar increase of 6.9% on the 2017 tourism source of frustration for parties seeking
with Q3 2017, exports grew 9.4%, sector i.e. serving of beverages, saw statistics. Of the total visitors, Britain to acquire and expand
The KBC Bank/ ESRI Consumer marginal improvements in the period accounted for 35.4% of the 2018 trips
while imports increased by Sentiment Index remained level between with the value of sales increasing by just made showing a marginal increase of
16.4%. This economic growth, November and December. While an 0.1%, while the volume of sales for bars 0.8% on the 2017 statistics which is a
which is supported by greater improvement in economic conditions grew by 1.9%. However, when compared positive note amongst the uncertainty
strength in consumer spending took place, this was offset by a fall with figures from November 2016, there surrounding Brexit.
and investment, is likely to lead to in confidence with regards to future has been a 7.3% increase in the volume
expectations. The increased uncertainty of sale and a 3.6% increase in the value.
further growth forecast upgrades. surrounding Brexit conditions is likely to
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03
OVERVIEW OF THE
ACTIVITY
35%
DUBLIN LICENSED
PREMISES MARKET 2018
INCREASE IN
In high
THE VOLUME
OF OFF-MARKET
TRANSACTIONS
demand
THE DUBLIN The 2018 licensed premises
property market witnessed
to continue trading and benefit from
the uplift.
The volume of trade enjoyed again
increased throughout 2018 however
There was a notable increase in the
volume of off-market transactions
Elsewhere in the greater Dublin Area
the highlight was the sale of Pluck’s in
MARKET WAS strong demand, however was
Secondary demand was visible for
was limited on the most part to the
prime trading districts of the Country.
completed in 2018 which accounted for
just over 35% of total sales.
Kilmacanogue, a well-appointed and
substantial licensed premises with
again characterised by limited
CHARACTERISED supply with a reduction in the
suburban properties that enjoy viable
business models also occupying sites
Economic uplift and a growth in available
disposable income has contributed A number of properties were sold for
private residence on a site of approx.
0.39 hectares that enjoyed “Town Core”
BY HIGH DEMAND total number of sales concluded
for the fourth consecutive year.
that enjoy favourable zoning objectives
thereby allowing for potential to
significantly to the recovery of the sector
through improvement in both trading
alternate use / redevelopment. zoning affording mixed use development.
AND LACK Appetite was focused on the trading
redevelop and accommodate residential
or mixed use schemes.
performance and profitability There was an absence of prime Dublin
City sales in 2018 with operators
Of the 17 transactions completed, one
was a Leasehold Interest and one was an
OF SUPPLY. districts witnessing significant year to
year improvement such as prime city, There was a visible increase in funded ACTIVITY
nominating instead to retain their
assets off the back of improved trading
Investment Interest.
tourism hubs and affluent suburban purchasers’ pursuing opportunities as the performance and profitability. Outside of the Dublin market,
areas. Licensed units in traditional pillar banks returned to more normalised Activity in the Dublin market decreased sales activity was predominantly
working class districts and provincial lending and additional opportunities were again for the fourth consecutive year with Highlights of the Dublin suburban characterised by low value units in small
towns where little improvement was afforded through loan support from non- 17 transactions recorded in 2018 compared market were Bakers Corner in towns or peripheral rural locations.
observed generated little demand. traditional lenders. to 31 in 2017 and 35 in 2016. The decrease Deansgrange, The Stillorgan Orchard
The improved trading performance in transactions is indicative of a market in Stillorgan, The Cock & Bull in The established Group Operators
also caused much frustration amongst The reduction in sales activity for the that continues to realign with a dramatic Coolock and The Eagle House in remained largely inactive again
purchasers as while driving demand it fourth year running has brought an reduction in sales, fuelled by legacy debt Glasthule, all achieving values in the throughout 2018 continuing to focus on
also stunted supply as it resulted in a increase to the number of off-market which were an unfortunate characteristic €2.0m to €5.0m bracket. developing the trade in their existing
reluctance amongst vendors to offer approaches and in-turn transactions of the property market over the past portfolios, the single exception being
their property for sale instead choosing being completed. decade since its collapse in 2008. the Press Up Entertainment Group who
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Outlined
For a funded purchaser to acquire a SOURCES OF DEMAND
licensed premises within a key trading
area their options are;
1. Publicans that afford development potential
As the market has continued a) to wait until a suitable premises is
offered to market, Demand has been intrinsically linked
include Brady’s in Castleknock which
was offered for sale with a price guide
to improve, a reluctance to sell b) to make an off-market approach for
to trading performance and has been
focused on areas that are witnessing
of €2.85m enjoying planning for 36
Apartments. Kiely’s in Donnybrook
has also been demonstrated a preferred premises, or
c) to create a new licensed premises.
significant year on year improvement
such as key city centre, tourism
and affluent suburban locations.
was offered for sale as a development
opportunity quoting a price guide of
Excess €5.0m. The former Foxhunter
by operators For a) it may take some time until a
Much of the supply has comprised
units outside of these areas which
in Lucan was offered for sale affording
alternate use quoting a price guide of
suitable premises becomes available have led to an increasing number of €3.0m. The former Matt’s of Cabra
and due to the level of competition, off-market approaches being made. on Fassaugh Avenue was offered
the price required may not make Approximately 13% of sales concluded for sale with a price guide of €6.0m
commercial sense. in 2017 were “Off-Market” and this comprising a site of 0.49 hectares
trend increased throughout 2018 and enjoying planning permission
With b) generally the price required accounting for just over 35% of the for the construction of Student
to persuade a reluctant vendor to market share. Accommodation with 194 bed spaces.
sell would not justify the purchase as
the trading level could not support a Further illustrations of licensed
acquired two of the Dublin City assets in circumstances where operators are Improved access to both traditional bank loan. 2. Developers / Alternate Use premises properties attracting interest
sold in 2018, which now trade as The only witnessing a recent return and non-traditional funding has for alternate use purposes has been
Lucky Duck on Aungier Street and to profitability. afforded an increase to the overall Therefore increasingly c) is becoming a 2018 bore witness to the return of shown through recent planning
The Grayson on St. Stephens Green. number of funded operators actively viable option. licensed premises property attracting engagement with the local authorities.
They also further developed the The above combined, together with the seeking opportunities interest from developers for alternate Recent examples of such include
expansion of their restaurant and renewed confidence within the market The Press Up Entertainment Group use / redevelopment. Of the 2018 The Big Tree on Dorset Street where
hotel side of operations. is manifested by the increasing number who arguably have had the most transactions concluded, the Kylemore planning was granted in August 2018 for
of funded purchasers pursuing a limited CREATION OF NEW success recently in acquiring licensed House in Bluebell, Dublin 12 was the construction of a mixed use hotel
Non-domestic operators again supply of stock which naturally enables LICENSED PREMISES properties have licensed two new acquired for alternate use and has and retail development extending to
remained inactive throughout 2018 higher prices to be achieved for units projects within their holding, The Lucky been repurposed now comprising three and four stories comprising 163
that are in demand. The ensuing lack of Traditionally, the creation of a new Duck on Aungier Street and The Devlin a Costa Coffee outlet. Bakers hotel bedrooms with public house use
supply of well-located and profitable licensed premises entailed securing a Hotel in Ranelagh. Further plans in Corner in Deansgrange, although being retained at ground and basement
SUPPLY units for sale is indeed frustrating for suitable premises (either by purchasing the immediate pipeline include their continuing in the immediate term as a level. The Edenmore House, Edenmore
those wishing to expand or enter the or leasing), securing planning intended licensing of new projects licensed premises use with adjoining Shopping Centre, Dublin 5 applied for
In stark contrast to preceding years, market. It is, however, reflective of permission for a licensed premises at the former New Ireland offices on investments, was ultimately acquired planning permission to demolish the
distressed loans and insolvencies the strong economic factors that have user, sourcing and acquiring a suitable Dawson Street which is to comprise for mixed-use redevelopment. existing single storey structure and
accounted for only one Dublin licensed afforded recovery and encouraged licence and successfully transferring a fully licensed restaurant extending develop a 4 storey building comprising
premises transaction in 2018. The trend operators to retain assets same to the new premises, completing to approximately. 850 sq.m., and the Licensed premises offered to the retail to ground floor level together
in insolvency led instructions initially the fit-out to the property and new Mayson Hotel on North Wall Quay market for sale in 2018 but not yet sold with 7 apartments above
started to yield in 2015 for the first time commencing trade. which recently secured planning for an
since the collapse of the market where DEMAND increase in bedroom accommodation,
64% of sales completed were insolvency Throughout the past decade the principle now to comprise 100 rooms.
related. This figure then reduced to 54% Demand continued to increase for demand for Licences has been from the
in 2016 and fell again to 42% in 2017, with the third year running, principally as a off-licence sector of the market including Other promoters that have recently secured Declaratory Orders and will thereby requiring the transfer of
a singular insolvency related transaction result of two factors; supermarkets, convenience retailing and secured licenses include the new be granted publicans licences once the a 7-Day Licence to the property.
being concluded in 2018 being clearly forecourt retailing. However, the past 24 Churchtown Stores premises in developments have been completed in Examples of such developments coming
illustrative of the return to a more Profitability months have born witness to renewed Churchtown Dublin 14 which formerly accordance with planning and on-stream include the Hodson Bay
normal functioning market. The growth in the economy has given demand from the Licensed Premises and operated as a hardware store, and statutory compliance. Hotel in the Coombe, the Oakmont
rise to increased employment and Hotel sectors. the two JD Weatherspoon projects Group’s 58 bed hotel at 81-82 North
Whilst these statistics are indeed a in-turn an increase in disposable on Camden Street and Abbey Street. The Hotel sector has also continued Wall Quay, and Targeted Investment
positive indicator, the immediate result income / discretionary spending levels. When compared to other commercial Separately, the St. Andrew’s Church to show renewed demand and appetite Opportunities 241 bed hotel at 91-94
has of course been a reduction in the The licensed trade has captured a uses, creating a new licensed premises project at the junction of Suffolk for licenses with most new hotel North Wall Quay
number of licensed premises being percentage of this spend which has led is higher risk and more expensive as Street and St. Andrews Street and developments typically including a
offered for sale. to a significant recovery in the volume of along with the planning costs there are the Clontarf Baths project have both public bar and restaurant offering
trade enjoyed by well-located assets, thus also additional legal and professional
As the market has continued to further increasing the appeal of licensed costs in obtaining and transferring a
improve, a reluctance to sell has also premises within key trading areas. publicans licence and fit out costs are
been demonstrated by operators generally considerably higher than
who have instead nominated to Funding other commercial uses. For these
retain and trade their assets with With a return towards more reasons, there has not been a significant
some embarking on refurbishment normalised lending, the pillar banks number of new licensed units created
and remodelling projects. Vendor
apprehension in entering the market
to offer for sale is now the principle
have become active in supporting
the licensed premises market. There
are also now a wider range of “non-
in recent years.
...the Pillar Banks have become
reason behind the lack of supply. As
turnover and corresponding values
traditional” lenders active within the
marketplace, thereby, affording greater
more active in supporting the
have increased together with the
underlying property value, reluctance
access to loan finance.
licensed premises market
to sell is understandable, especially
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04
OPERATIONAL
TRENDS
Embracing
the trends
THE LICENSED The Licensed Premises market
has continued to adapt and
Consumer experience is a paramount
link between premises and offering with
FOOD January 2019. The industry has viewed
this measure as punitive and it is broadly
value as it is a premium offering and can
therefore achieve a higher price point
PREMISES MARKET embrace change enabling the operators recognising the importance
of providing a wide range of quality
Food has continued to be an important
driving factor within the on-trade.
anticipated that whilst well positioned
prime businesses that enjoy a healthy
and gross margin mitigating against any
losses resulting from the decline in
sector to respond to evolving
HAS CONTINUED consumer demands and cater to
produce delivered through well-skilled
and informed staff thereby ensuring
Many operators have now embraced
this additional facet of the business to
blend of indigenous and tourism
related trade will be less impacted. The
general beer sales
TO ADAPT their requirements. engagement with the customer through
enhancement of experience and
positive effect with many utilising it to
widen their consumer base and appeal
provincial and rural operators will fare
far worse with potential for closures ALCOHOL FREE
AND EMBRACE Quality traditional style licensed
premises located within well populated
responsiveness towards their demands. to markets outside of the evening and
weekend bar trade whilst still enabling
and resultant unemployment
There is a consumer trend towards
CHANGE. districts continue to enjoy consumer
support with volumes of business
Examples of recent refurbishments
completed to premises that have
them to retain a distinction between
what is commonly perceived as bar CRAFT BEER
alcohol moderation with the 2017
GlobalData report confirming 84%
enjoyed on the increase throughout the embraced the increased sophistication versus restaurant. of global consumers to be actively
past 36 months. in consumer demand comprise Café En Craft beer has seen a fivefold increase in reducing or moderating their alcohol
Seine on Dawson Street, Lemon & Duke at Food has also enabled operators to volume over the past six years however intake. This is evidently a growing
New-breed innovative operators Royal Hibernian Way, Peruke & Periwig on appeal to a wider market in attracting it is currently only 2.7% of the beer trend in Ireland which is being driven
continue to drive the market through Dawson Street and The Grayson on corporate business that was previously consumption in Ireland. By contrast principally by younger consumers.
the enhancement of their offerings St. Stephens Green resolved to hotel and function it is 6.5% in the UK and 12.7% in the US The demand has been acknowledged
and by strengthening revenue streams orientated operators. presenting a significant opportunity for and embraced by many international
through the blending of food, drink and growth. Beer sales on the whole have drinks companies through their
entertainment with consumer experience. However, the blow to this sector of the been declining slightly for a number development of low ABV and alcohol
industry is the increase in vat from 9% of years and craft beer can present free produce
to 13.5% on food sales effective as of an opportunity for publicans to add
14 | MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 | 15
LOW ABV (ALCOHOL BY NON-ALCOHOLIC SPIRITS
VOLUME) / ALCOHOL
FREE BEER AND CIDER Distilleries are now seeking to capitalise BUDGET 2019
on the success witnessed by their
Rising insurance
9%
Low ABV / alcohol free is quickly counterparts within the brewing
becoming one of the quickest industry. Diageo has invested in Distill
developing sectors within the drinks
market. Per the research conducted
by Kantar Worldpanel the sale of low
Ventures since 2013 which provides
investment and marketing to new
companies within the drinks market.
costs have
alcohol and alcohol free produce have In 2016 Diageo acquired a stake in remained a cause
risen globally by more than 20% in the Seedlip, the world’s first distilled non-
FOOD TAX
most recent twelve calendar months
with low-alcohol beer and cider sales
alcohol spirit and Diageo’s first ever
investment in a non-alcoholic drinks of concern INCREASED TO
soaring by almost 30%. AB InBev, the company. Diageo’s commitment to
13.5%
world’s largest brewer, has forecast low the non-alcohol market is supported
alcohol and alcohol free beers to make by their global innovation directors
up 20% of its total worldwide volume by comment that the group recognises the
2025. Similarly, Carlsberg are forecasting “opportunity of non-alcoholic drinks
dramatic growth within this sector and will continue to explore and invest
reporting that its share of non-alcoholic in this area”. inadequate staff, particularly with the
beer grew three times faster than the increasing importance of online reviews.
overall beer market in 2016. Pernod Ricard have also developed The impact of this is that an increased Widely believed within the industry to
zero-alcohol produce with their launch focus has been placed on staff for these hold negative influence, especially to
Domestically it would appear that of Ceder’s non-alcoholic Gin. Laurent venues and competent staff members businesses where the volume of food
consumers are embracing the low Pillet, managing director at Pernod from other units are being recruited sales were at best “break-even” and in
alcohol / alcohol free sector of the Ricard UK commented “This is a growing with the attraction of higher wages. certain instances “loss-leaders”.
market with Heineken reporting stronger and exciting area for Pernod Ricard UK” Indicatively and from discussions with
than expectant sales of its recently and “It’s our ambition to continue to our clients, we understand that some
launched 0.0 product both in the on and give consumers more choice and to below management / supervisor level
off-trade and Diageo’s Guinness Pure satisfy the growing demand for no staff are being paid upwards of €20 per
Brew Lager receiving similar consumer alcohol options” hour. This issue is amplified at higher
support. Local craft breweries such level with skilled roles presenting a Late night exemptions have also become such as District 8 in the Tivoli Theatre quality product and operators have
as YellowBelly in Wexford have also frustration amongst publicans in the more costly. The current duty for a and Hangar in Andrews Lane. However as therefore gained additional to the
developed alcohol free variants such as STAFFING recruitment of chefs. While although singular Special Exemption Order is both are centrally located and comprise costs associated with securing and
their limited release Designated Diver this level of staff cost generally applies €610 per night which means that after a large floor area the pressure of rising retaining the right staff.
craft soda which have been equally Many publicans reported an increase in to the premium venues in the city, it factoring in professional fees, the cost of property value has resulted in the
well received. issues with staff in 2018. As we approach is having a trickle-down effect on all trading late for one additional night prior closure of both for redevelopment Rising insurance costs have remained
full employment, publicans are finding sectors of the industry to any uplift in trade being enjoyed can a cause of concern with the majority
The litmus test in respect of true it difficult recruiting. This issue was amount to a sum in the order of €1,000. of operators witnessing an increase in
support of alcohol free produce through more acutely felt in the city than the COST PRESSURES premiums again throughout 2018 and into
traditional on-sales retailing will be suburbs which generally encompass NIGHTCLUBS Nightclubs therefore have an additional 2019. Independent research conducted
illustrated through a soon to open alcohol a larger proportion of the casual set of overheads such as security, higher Increases in volumes of trade enjoyed through the L.V.A. on Dublin Licensed
free bar called The Virgin Mary on Capel labour force that are required for the The decline of nightclubs has been widely insurance premiums and entertainment in recent years has not been reflected Premises confirmed an average increase
Street in Dublin. These new alcohol free hospitality industry. In contrast, the reported for some time but the trend costs that are not incurred by in a like for like rise in profits due to in insurance premiums of 47% between
premises are scheduled to commence cost of living convenient to the city gathered pace in Ireland in 2018. There has more traditional licensed premises a number of increases to operational 2015 & 2016.
trade in February this year and will supply centre is proving prohibitive in recruiting been a perfect storm of challenges facing operations. Therefore nightclub overheads within the industry.
a wide range of alcohol free beers, wines, and retaining casual labour. the industry which has led to its decline. operations require a higher volume As previously mentioned the cost for
cocktails and mixed drinks. Changing consumer habits which are of trade to break even. To illustrate, Excise on alcohol products increased operators seeking to trade late has risen
Within the cities the trend towards not unique to Ireland such as the use of a traditional licensed premises could significantly in the 2013 & 2014 budgets and many operators outside of the prime
Already established and proving to be more experience led concepts has had dating apps and increasing focus on health make a reasonable profit from a with the excise on beer increasing by city and tourism hotspots have made the
a popular alternative to the late bar / the effect of larger capital investment and wellbeing amongst the industries turnover above €10,000 p.w. where 44%, spirits increasing by 27% and conscious decision to either reduce the
nightclub sector of the market is Funky being required for unique fit outs and target market have led to a decline in the by comparison, a nightclub is likely to wine increasing by 62%. As a result, number of nights they nominate to trade
Seomra in Temple Bar which is Ireland’s these investments could be de-railed industry globally. require a level of approximately €30,000 the Irish consumer paid on average the late, or to revert to regular hours of trade
first alcohol free Nightclub through poor service as a result of per week in order to break even. This is second highest amount of alcohol tax altogether as the perceived additional
While the above issues are seeing likely to result in the consolidation of within the EU. Over the past four years income in most cases will not necessarily
many nightclubs in Ireland experience the industry with only the top tier likely the news has been more positive with cover the cost of the exemption.
a reduction in turnover, they are to remain. alcohol excise remaining static.
being compounded by domestic Finally, and as stated above, Budget
issues increasing cost pressures and In recent years we’ve seen closures of Budget 2018 increased the minimum 2019’s increase in vat on food sales from
accelerating the rate of decline. the POD, The Palace Camden Street, SIN wage from €9.25 to €9.55 with Budget 9% to 13.5% is widely believed within
Nightclub, Club 92, The Pavilion Cork 2019 providing a further increase to the industry to hold negative influence,
Low ABV / alcohol free The main cost pressure for clubs has
been insurance which some operators
and The Savoy Cork with Lillie’s Bordello
and the Wright Venue both closing in
€9.80. In addition to the minimum
wage, staff wages are rising as
especially to businesses where the
volume of food sales were at best
is quickly becoming have seen increase threefold in as many
years and it can now cost upwards of
2019. This trend in most circumstances is
a repositioning of the business as a food,
publicans recognise the importance
of hiring and retaining the correct
“break-even” and in certain instances
“loss-leaders” that were extended in
one of the quickest
€100,000 to insure a nightclub, if a policy beverage and entertainment venues staff so as to ensure the success of an effort to generate an uplift in drink
can be obtained. In addition, securing with late night trade being ancillary as their product. Changing consumer sales. Essentially these types
insurance is a significant barrier for opposed to the prime focus. expectations have given rise to the of businesses will now become non-
developing sectors entrants to the industry as generally
insurers will require the applicant to have Late night venues that have enjoyed
requirement for knowledgeable,
well trained staff that are capable of
viable and the concern is that closures
and unemployment will ensue in
other nightclub units in their operation. success are performance led venues successfully delivering a consistently certain localities
16 | MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 | 1705
ANALYSIS OF DUBLIN
MARKET IN 2018
Activity
in brief
17 LICENSED This compares with 4.25% in 2017,
4.79% in 2016 and 5.34% in 2015.
reflecting a larger number of higher
value transactions being completed.
ANALYSIS OF METHOD OF SALE first need to witness a number of prime
assets to be brought to market, which in
VALUATION
PREMISES The continued reduction in the
Whilst the increase in average value
Private Treaty was the sole vehicle for
the sale of licensed premises in 2018.
all eventuality will be private retirement
led instructions.
Net Turnover
Capitalising ratios (multiple of net
overall volume of sales for the
CHANGED fourth consecutive year points
witnessed is positive, many operators
remain hesitant in offering their assets Traditionally, Auction has been the Private Treaty was the dominant force
turnover) and P/E ratios (applicable
to sustainable EBITDA) continued to
HANDS IN towards a stabilisation within
the market and is reflective
for sale due to their business returning
to profit through an improvement in
preferred mode of disposal within
the licensed trade due to its
in 2018 and remained as the preferred
mode of disposal for in excess of the
consolidate and increased in certain
sectors of the market throughout 2017.
THE DUBLIN of the fall-off in insolvency trade off the back of more stable market
conditions coupled with an uplift in
transparency. However, over the past
decade Auction has become somewhat
past twelve years. We expect this
mode of disposal to remain a solid first Adjusted average capitalising ratios in
MARKET IN 2018 led transactions which took
prominence from 2008 to 2014.
discretionary spend. These positive
trends have assisted in realigning
tarnished and perceived to be the
best suited mode of disposal for non-
preference in the short-term. However,
yielding towards Auction as owners
respect of net wet on-sales at the close
of the year were ranging between 0.5
REFLECTING both trade and capital values to more premium distressed assets. of prime located assets seek to retire and 2.5 times net turnover whilst P/E
2.33% OF Interestingly, insolvency related
sales accounted for only 5.8% of the
normalised levels, however, has not
been experienced across all sectors and As market sentiment and in turn
thereby delivering assets to the market
that will generate competition thereby
ratios applicable to sustainable EBITDA
were ranging between 5 & 9 times.
THE TOTAL transactions concluded in 2018 which has
seen a dramatic reduction over the past
asset classes. confidence amongst vendors improves,
we see Auction returning as a preferred
re-instilling confidence in this mode
of disposal. These ratios were influenced by many
POPULATION three years in particular. Properties affording alternative /
redevelopment featured again
mode of disposal. We see opportunity
for vendors to drive value through this Initially we anticipate that Auction
varying factors such as but not limited
to; location, make-up of trade, volume
OF DUBLIN The capital value of the 2018 market
reduced to €23.26m from €36.57m in
throughout 2018 with the sales of
The Kylemore House in Bluebell and
mode of disposal as a result of increased
appetite and activity within the market
will be considered by vendors more
frequently for assets within a certain
of business, margins & profitability,
competition and demand for the
LICENSED 2017, however the average price realised
increased from €1.18m to €1.37m,
Bakers Corner in Deansgrange being the
principle examples
for well-located assets. However, for
this change to take hold the market will
price range, typically €2.0 to €5.0m particular asset.
PREMISES.
18 | MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 | 19Trophy units comprise the
top tier of the Dublin licensed
premises population
The above ratios are applicable to typically enjoying well maintained
licensed houses where the business is traditional fit-out and generally they
already exploited; the property is in symbolise a clear representation of
good repair and condition and takes into what is regarded both nationally and
consideration the size, throughput and internationally as that of an Irish Pub.
type of business enjoyed, profitability,
consistency of trade, target market etc. As trophy licensed premises rarely
come to the market they attract strong
Cap ratios and P/E ratios in excess of interest and in-turn competition from
the above are achieved for licensed established and well-funded operators
premises affording future business resulting in premium prices being
growth or alternatively businesses that achieved when they do transact. In turn,
enjoy a considerable volume of trade when sold the prices achieved can be
with ultimate economies of scale and a difficult to rationalise with regard to the
substantial bottom line profit i.e. the general tone of pricing in the market.
top tier of the licensed premises
property market. In illustration of the above there are
approximately only 10 licensed premises
Cap ratios and P/E ratios below the in Dublin that could be categorised as
above reflect licensed premises that “trophy” that have changed hands within
enjoy poor economies of scale relative the past 30 years and all achieved prices
to the volume of trade enjoyed and in well in excess of the general ratios being
turn profit (if any) generated. achieved at the dates of sale.
Exceptions Alternative use / redevelopment
Exceptions to the normal range of opportunities are typically found in
multiples apply in particular to Licensed suburbia due to these types of premises
Premises that are regarded as “Trophy” usually being located on reasonable
units or alternatively to properties sized sites, often with on-site car
that occupy large holdings within parking facilities. Typically these
well-established suburban areas premises are adjoining other
thereby affording alternate use / complementary neighbourhood
redevelopment potential. services such as local retail, pharmacy,
banking and community occupiers.
“Trophy” units comprise the top Zoning objectives pertaining to these
tier of the Dublin licensed premises opportunities generally fall within
population. They are all pivotally the residential and/or mixed-use
positioned city centre properties that neighbourhood facility parameters, Eagle House, Glasthule
enjoy high volumes of sustainable trade, thereby affording redevelopment
20 | MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 | 2106
GALWAY LIMERICK KILKENNY
Galway also witnessed little activity Following strong activity in 2017 which The Kilkenny market continued to
with no prime licensed premises saw a number of pubs change hands and perform well with a year on year
transacting in 2018. The Galway market several re-openings and extensions, the improvement in trade being reported
remains buoyant with healthy tourism Limerick City market was relatively quiet throughout the urban district. However
inflow and consistently strong levels in 2018. there was little activity in terms of sale,
of trade being recorded. Demand for re-openings or extensions during 2018
Galway City licensed premises has The highlight of the year possibly being with the exception of An Poc Fada which
PROVINCIAL MARKET increased however with little supply of Sextons which was sold for around the was offered for sale towards the end of
quality assets to match appetite. The guide of €375,000 and was re-opened the year at a guide of €900,000 having
main openings of 2018 were Taylors following refurbishment by Limerick previous sold for €370,000 in 2012
Bar on Dominick St Upper which was publican Barry Healy
re-opened by well-known Galway
Provincial
publican, Johnny Duggan, after the
premises hadn’t traded as a bar for 14
years and The Hyde Bar which is a Gin
themed public bar that forms part of
the Forster Court Hotel
Market
The Watermill, Slievenamon Road, Thurles, Co. Tipperary
SOLD BY MORRISSEY’S | LISNEY
Pluck’s, Kilmacanogue, Co. Wicklow The Celbridge House, Maynooth Road, Celbridge, Co. Kildare
SOLD BY MORRISSEY’S | LISNEY SOLD BY MORRISSEY’S | LISNEY
Prevailing market forces CORK
PRINCIPLE witnessed within the Dublin
The highlights of the Cork market was
licensed premises property
TOWNS & CITIES market were generally mirrored
the sale of Clancy’s for approx. €2.5m
representing the highest price paid for
WITNESSED throughout the provincial cities a licensed premises in Cork for some
and established tourism districts. years. Other notable sales include the
LIMITED SUPPLY. The changing source of supply Rendevous Bar & Grill on Model Farm
Road for approx. €1.5m and Cavanaghs
from receivers and banks to
on Liberty Street for approx. €650k.
private vendors causing an overall
reduction in activity through a Two pubs re-openings that really
reduction in available premises highlights the changing consumer
coupled with divergence sentiment within the industry as a
between vendors and purchasers whole are Impala (formerly Cavanghs)
and Crawford and Co. (formerly the
expectations for licensed units Market Tavern) with both providing an
that are in demand. extensive craft beer offering while also
creating a space for non-alcoholic meet
ups through a contemporary décor and
extensive range of coffees and teas. The Copper Pot Still, 9 High Street, Tullamore, Co. Offaly The Square Bar, 7 Market Square, Portlaoise, Co. Laois
Crawford and Co. goes one step further
with the inclusion of a grocery store of SOLD BY MORRISSEY’S | LISNEY SOLD BY MORRISSEY’S | LISNEY
artisan goods
22 | MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 | 2307
LICENCE MARKET FOR
EXTINGUISHMENT &
TRANSFER PURPOSES
7-Day Licence
Market
The Lucky Duck, 43 Aungier Street, Dublin
DEMAND This has continued to remain the
dominant stimulus for activity
seeking to fully licence their premises,
thereby creating an additional income
the recent uplift in hotel construction
which has been a natural cause for the THERE ARE THREE NATURAL MARKETS FOR THE DISPOSAL /
THROUGHOUT over the last decade with little stream from the market not directly
linked to food sales. Comments from
increase in take-up. Also, in certain
instances demand has been illustrated
EXTINGUISHMENT & TRANSFER OF LICENCES
demand from Categories 1 & 2
2018 WAS AGAIN above. The capital value of
clients represented by our company
confirm that this move from the
for the creation of new licensed premises
in certain populated districts with
PRINCIPALLY licences remained flat throughout
2018 with values remaining
restaurant trade is in response to loss
of custom to the on-trade through
The Lucky Duck on Aungier Street and
Churchtown Stores in Churchtown
Category 1 Extinguishment and transfer for the creation of a new
licensed premises.
DRIVEN BY THE in-line with the values achieved continued development of quality food
offerings and Gastro Pub environments.
being illustrative cases. Whilst we
do anticipate renewed demand from
Category 2 Extinguishment and transfer for the creation of a new
OFF-LICENCE at the close of 2017 in the order
of €50,000. Also and as noted earlier in our report,
Category 1 & 2 above we do not anticipate
it to be sufficient to result in a market
hotel premises.
SECTOR OF the market has witnessed renewed uplift in the value of ordinary 7-day
Category 3 Extinguishment and transfer for the creation of a new
off-licence premises (be it stand-alone or housed within
THE MARKET. However we have in the past 24 months
witnessed a recent increase in appetite
demand from Categories 1 & 2 above for
the creation of new licensed premises
licenses which will remain for the
foreseeable future in the order of
a new or existing retail outlet).
from existing Restaurant operations and public bars, specifically through €50,000 to €55,000
24 | MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 | 2508
OUTLOOK
FOR 2019 Increases in operation
overheads such as insurance
and wage costs will continue
Looking
to be a cause of concern
forward In suburban locations, further supply
could come from licensed premises
that are on large sites and offer
redevelopment potential. Some of
these will incorporate a licensed
premises use in the future as part of
reduce, and the value of sterling fall
further throughout 2019, tourism
numbers could witness a decline as a
result, which will impact on the level
of trade enjoyed throughout both cities
and tourism hotspots. The hospitality
appeal and closures of non-viable
premises will continue.
Nightclubs we believe will become
largely redundant due on the most part
to their non-viable business models with
a mixed use scheme, while others will sector on the whole continues to have far higher than average operational costs
not. In 2018, there were several examples a strong reliance on the UK through when compared to more traditional
of this including Baker’s Corner in imports and is therefore exposed outlets. The exception to this will be
Deansgrange (reported sold for €5.1m) through amendments to both trade the top tier of units such as Dublin’s
and Kiely’s in Donnybrook (reportedly agreements and pricing levels. Harcourt Street and the premier venues
now sale-agreed), where strong prices in large provincial towns and cities.
were achieved. Opportunities may be in the mix from
the amendment to the Capital Gains Tax With the closure of District 8 and
In general, we believe that the current Shelter in 2018. Budget 2012 introduced Hangar, the availability of venues
undersupply will remain a cause of a CGT exemption available to both catering for crowds of 800+ is now
purchaser frustration, particularly for companies and individuals acquiring extremely limited. The previous success
those seeking core assets. The absence property between December 2011 and of both operations may drive demand
of transactional evidence, be it for prime, December 2014. The exemption was into peripheral areas of the city and
suburban or rural properties, makes afforded on the prerequisite that the depending on the planners view in those
it difficult for operators to accurately property acquired would be held for areas we may see large vacant buildings
gauge what the market is prepared a minimum of 7 years in order to avoid re-purposed for performance led
to pay and in turn, many operators a CGT liability. Budget 2018 introduced destination late night venues.
WE EXPECT Demand may start to shift
to good suburban locations
the uplift in turnover, profit and capital
value experienced. This positive trend has
are adopting a cautious approach and
waiting for other operators to enter the
a revision to the shelter timeline
whereby the requirement to retain the The intensification of development
THAT THE as purchasers are priced out triggered reluctance for many operators
to retire as they witness improved
market first. This is likely to result in an
increase in off-market approaches being
property was reduced to 4 years. As a
result, properties acquired within the
in Dublin 8 and particularly around
Newmarket and Diageo’s St. James
of the city centre and see
RESURGENCE opportunities to re-position
consumer discretionary spend off the back
of an economy that continues to grow.
made. Such sales will only be concluded
in exceptional circumstances where
December 2011-2014 shelter period can
now be delivered to the market with the
Quarter could see an opportunity for
new licensed premises to be created to
IN MARKET large suburban units as more
family friendly food and In terms of improving supply, retirement
considerable premiums are offered. vendor/s enjoying early exemption from
the standard rate of CGT at 33%. We
service the growing tourist, student and
residential population.
DEMAND beverage business models may start to assist in the release of certain
assets in the short to medium-term.
Increases in operation overheads such as
insurance and wage costs will continue
hope therefore that this stimulus will
entice certain licensed property owners Overall, we anticipate 2019 will not
TOGETHER WITH driven by successful recent
re-openings of the Sandyford
Towards the end of 2018 this was evident
when the leasehold interest in The Old
to be a cause of concern with higher
operational costs eroding some of the
to consider early release of their asset
or assets which will assist in satisfying
see much change from 2018, again
characterised predominantly by a lack
CONTINUED House, Cock & Bull, Union Cafe Stand on Exchequer Street went sale uplift in turnover and holding back the increase in demand witnessed over of availability with an increasing volume
IMPROVEMENT and Celbridge House. agreed for a reported €3.1m (off-market)
and Davy Byrne’s was offered for sale at
bottom line profit. the past 3 years. of funded purchasers actively seeking
opportunities. This will in turn support
IN LIQUIDITY Redevelopment and alternate use
opportunities will also drive demand in
a guide price of €6m. There have been
very few prime pubs sold in recent years
Early warnings signs have emerged in the
last two years as a result of the UK’s vote
While both turnover and profitability
are generally improving the uplift is
the recent increase witnessed in off-
market sales being completed and may
TO CONTINUE suburban locations. and the sale of Davy Byrne’s will give a
good indication of the market for prime
to leave the EU with a concern that fewer
UK tourists will visit Ireland. This fear has
restricted to key trading districts.
Where trading performance has not
assist in attracting operators considering
retirement to enter the market.
THROUGHOUT Supply however will continue to be
a cause of frustration for purchasers
assets. Should a strong price be achieved,
it may instil confidence in operators who
so far been somewhat allayed with the
most recent tourism stats illustrating
improved and operational overheads
have continue to rise businesses will
Constrained supply and increased
demand point to price growth for the
THE YEAR. as many operators continue to defer
offering their premises for sale due to
are considering retirement to offer their
businesses for sale.
an albeit modest growth in UK custom.
However, should UK economic activity
continue to struggle. Businesses in these
locations will continue to attract limited
right opportunities
26 | MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 | 2709
CHART C: THE CAPITAL VALUE OF THE LICENSED HOUSE TRANSACTIONS / SALES IN DUBLIN 2009 - 2018
€2000m
€180m
STATISTICS YEAR END €160m
REVIEW 2018
€140m
CAPITAL VALUE MILLION €
€120m
CHART A: LICENSED HOUSE SALES ANALYSIS 2009 - 2018 REPRESENTED AS THE ANNUAL PERCENTAGE OF
THE TOTAL NUMBER OF TRANSACTIONS IN THE DUBLIN MARKET €100m
Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
€80m
€0 - €2m 0.00% 100.00% 100.00% 83.33% 95.00% 78.26% 87.18% 74.29% 90.32% 76.47% €62.17m
€60m
€2M - €4m 40.00% 0.00% 0.00% 16.67% 5.00% 17.39% 10.26% 17.14% 9.68% 17.65% €52.46m
€43.33m
€36.57m
€4M - €6m 40.00% 0.00% 0.00% 0.00% 0.00% 4.35% 0.00% 2.86% 0.00% 5.88% €40m
€23.26m
€6M - €8m 20.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.56% 0.00% 0.00% 0.00% €22.10m
€15.09m
€20m
€9.64m
€4.75m €7.11m
€8M - €10m 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.86% 0.00% 0.00%
0
€10M - €12m 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.86% 0.00% 0.00% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
€12M - €14m 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
€14m plus 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
CHART D: AVERAGE ONE MONTH LENDING RATES 2009 - 2018
Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
1.4%
1.18%
1.2%
CHART B: VOLUME OF LICENSED HOUSE TRANSACTIONS IN DUBLIN 2009 - 2018 REPRESENTED AS A 1.0%
PERCENTAGE OF THE TOTAL NUMBER OF PUBLIC HOUSES IN DUBLIN 0.88%
8%
0.8%
7% 0.57%
0.6%
INTEREST RATE
6%
0.4%
5% 0.33%
4% 0.2% 0.13%
0.13%
3%
0.0% -0.07%
2%
-0.2%
1%
-0.34%
-0.37% -0.37%
-0.4%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
28 | MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 | 29CHART E: EXCISE DUTY FEE FOR THE RENEWAL OF A 7-DAY CHART H: THE AVERAGE SALE PRICE OF THE LICENSED HOUSE TRANSACTIONS / SALES IN DUBLIN 2009 - 2018
PUBLICANS LICENSE UNDER THE 1992 FINANCE ACT
5
Category Turnover net of vat € Fee €
€4.42m
1 Under 190,500 250
2 190,500 - 381,000 505 4
3 381,000 - 635,000 1,140
4 635,000 - 952,000 1,775
3
5 952,000 - 1,270,000 2,535
6 1,270,000 + 3,805
2
€1.78m
€1.37m
€1.14m €1.11m €1.18m
CHART F: NATIONAL INFLATION RATES 2009 - 2018
€0.97m
1
Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 €0.79m €0.8m €0.76m
Inflation Rate -4.5 -1.0 2.6 1.7 0.5 0.2 -0.33 0.00 0.40 0.49
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
CHART I: OVERSEAS VISITORS TO IRELAND (JAN-NOV 2015 - 2018)
9,900,000
10,000,000
9,250,000
8,920,000
9,000,000
8,120,000
CHART G: ANALYSIS OF THE MODE OF DISPOSAL FOR LICENSED PREMISES SOLD IN DUBLIN 2009 - 2018 8,000,000
100% 7,000,000
NUMBER OF VISITORS
6,000,000
80%
5,000,000
60%
4,000,000
40% 3,000,000
2,000,000
20%
1,000,000
0%
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
2015 2016 2017 2018
Auction Post Auction Private Treaty Tender Total
30 | MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 MORRISSEY’S | LISNEY REVIEW 2018 & OUTLOOK 2019 | 31You can also read
