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Town Clock shut and for sale

Posted Saturday, December 6, 2008

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Town Clock

When the Town Clock closed its doors a couple of months ago it was said that it was only closed for refurbishing and that its doors would be open in a month or so after it had been done up.

However, it looks now as if it will be closed for a lengthy period of time.

It had been up for sale a couple of years ago at €1.3 million - but that was at the peak of the market.

Peak

The peak of the market for pubs and restaurants was in 2006.

They fell in value last year and have fallen even more in value this year.

Analysts are saying that commercial properties will fall 45% to 50% from their peak.

Indeed well known pundit David McWilliams is forecasting that property prices will fall by 80% - just as the Irish Stock Market has nearly done (it is down 76%).

Not Good Time

It's not a great time to be taking over a pub / restaurant with the country in a deepening recession and with jobs going every week.

Customers will be tightening their purse strings just in case it happens to them.

Only six pubs have been sold in the whole of Dublin this year - and three of those were to develop the land beside them.

Recession

Although the pubs and restaurants of the town should be busy over Christmas, once we hit the New Year the recession should really bite then.

Unless the Town Clock price is really chopped (and I'm told it has been) to more relaistic levels, it would be unlikely to sell any time soon.

Someone coming in to lease it might be a better idea - but anyone who leased it would be struggling to make any money in this new climate.

Hard Times

Recent changes to laws made it harder to for the Town Clock to make money.

The cost of a late licence was put up from €210 to €410 per night.

Also, the late licence was changed to finish at two o'clock rather than 2:30am.

Expenses

They also had boucers and staff to pay as well as a DJ - and as people didn't really go up there till about one o'clock it was a lot of drink to sell in just an hour.

From August they imposed a door charge but of course that kept the number of people entering down.

Cautious

The getting-dressed-up-to-go-out-and-eat restaurants have been badly hit by the downturn in the economy as staying at home and cooking is one way to save money.

Although there are plenty of people still in work, they are being more cautious with their money in case unemployment hits them.

People are saving rather than spending.

Closed

So, it looks as if the Town Clock could well be closed for a while.

That's a shame - but at least that's more to go around for the other pubs and restaurants in the town.