Pub sales in the capital reached €70m last year, with a number high-profile venues changing hands.

Some 20 Dublin pubs changed hands last year, the same figure as in 2023, but earning an extra €20m.

The €70m worth of sales last year was described by experts as a “significant increase” on 2023’s figure when the same number of sales totalled €47.3m, according to estate agents Lisney.

Despite the boom in the total value of the sales, the number of pubs on the market was down from 34 in 2023 although only 20 sold that year.

A total of 21 pubs were publicly offered for sale in Dublin last year and publicans were the main buyers, accounting for 55% of volume and 37% of value, according to Lisney.

Although developers also increased the number they bought, buying a fifth of the pubs for sale.

Another reason for the increase was publicans selling up to clear their warehoused debt from Covid and many retiring from the trade.

“Of the properties brought for sale publicly in 2024, six were directly attributable to the challenges stemming from the debt warehousing scheme’s conclusion,” the report said.

Among the high-profile pubs that changed hands last year, pushing up the total value, was McSorley’s in Ranelagh which was bought for €5.5m by a consortium of former Irish rugby internationals led by publican Noel Anderson.

A pub trade insider said: “That was a high-profile successful pub so it was always going to go for a premium.”

Another well-known pub that sold last year was Devitt’s on Camden Street, which changed hands for a rumoured €15m as an investment and a leaseback deal.

The trade insider added: “That was big money and I suspect that is one of the reasons the total figure was inflated.

“I think it’s the case that last year there were some high-profile sales. The other thing is, hospitality in Dublin is doing good business, pubs are doing well and the market is strong.

“It’s hard to get a pub in Dublin, they’re a limited resource and the demand is there. As an investment a Dublin pub or an urban pub is a safe bet.”

Despite accounting for only three transactions in 2024, private equity investments represented 39% of the total market value.

However, six of the properties publicly offered for sale were directly linked to challenges arising from the conclusion of the debt warehousing scheme.

Operators faced a number of obstacles last year, many of which will persist into 2025, including the 6.2% increase in the minimum wage, the Lisney report said.

One of the main drivers of pubs being sold was publicans retiring.

The report said “80% of the sales completed publicly being retirement driven”.

“By year-end, nine pubs had sold publicly with a further 11 sales concluded off-market,” it added.

Other pubs sold were Bar Eile on the corner of Baggot Street and Mespil Road, Foley’s on Merrion Row, Cassidy’s on Westmoreland Street, Cassidy’s on Camden Street, most of which sold off market.

In fact, off-market sales made up more than half – 55% – of deals.

The report added: “These transactions underscore a growing preference for discreet sales processes, particularly for high-profile premises for which there is known demand.”

According to Lisney, challenges faced by the sector during 2024 included staffing, rising utility costs, VAT on food sales, group debt warehousing and the availability of bank finance.

The report said: “Whilst many licensed premises that enjoyed viable business models with reasonable future trading prospects continued to trade successfully, there were some unavoidable casualties, primarily stemming from the ending of the debt warehousing scheme in May 2024.

“Businesses that had not engaged with Revenue to clear their legacy debt or to agree PPAs (phased payment agreements) by May 1, 2024, were in a number of cases unable to trade out of these difficulties.”