herald

Saturday 22 September 2018

Mystery developer snaps up Bewley's for cut-price €10m

BEWLEY'S Cafe on Dublin's Westmoreland Street has been sold for around €10m.

The iconic coffee shop has spent two years on the market but has now found a buyer.

The new owners remain a mystery and it is still not clear what their intentions might be for the famous shop.

As well as the landmark cafe, the building has space for two bars, a nightclub and a hotel.

It is believed that the city centre property fetched a price in the region of €10m -- between ¤2m and ¤5m less than what was being sought when the property was first put on the market in June 2009.

Sold signs were erected on the 5,300sqm building yesterday in a move that is likely to be welcomed by Dubliners.

The building was being sold by Jim Hamilton, of BDO Simpson Xavier, who was appointed by the High Court as a receiver to deal with the assets of the property syndicate Thedforde Trading Ltd in 2009.

A spokesperson for the selling agents CB Richard Ellis confirmed that a sale had been successfully negotiated, but refused to confirm any details.

Extensive renovations will be required but the complex, which fronts Westmoreland Street, Fleet Street and Prices Lane, offers a number of retail, restaurant and commercial options.

Thedforde Trading, which was headed by Simon Kelly, Col Campbell and Rory Donohoe, bought the property for €26m in 2006 when the property boom was still in full swing.

The company had planned a massive overhaul of the bistro, and Dublin City Council had granted permission to change part of the ground floor of the building from cafe to mainly retail units.

kdoyle@herald.ie

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