Loyola sells The Greedy Eagle in Glasthule for €4m

Commenting on the off-market sale, pub property specialist John Ryan of BDM Property explained that it came about after an unsolicited approach from the purchaser.

Mr Doherty had been impressed with the refurbishment which Loyola undertook and as the premises was in turnkey condition it obviated the need to undertake further work and eliminated the need for consequential delays.

Loyola Group, whose directors include Stephen Cooney, Brian O’Malley and former Leinster rugby player Eoin O’Malley, also operate several other popular bars including The Bath and The Old Spot on Bath Avenue, The Lep Inn in Leopardstown and The Landmark on Wexford Street, Dublin 2.

The group also operates a number of venues in Portugal including The Bold Octupus in Quinta Do Lago.

The Greedy Eagle is situated on the corner of Glasthule Road and Adelaide Street in Glasthule village, one of south Dublin’s most affluent and sought after coastal suburbs situated between Dún Laoghaire, Sandycove and Dalkey.

Because of its attractive coastal location and road and Dart service connectivity, this area has become a busy residential suburb and also attracts day-trippers at weekends.

In 2017 the premises, then known as The Eagle House and Rasam Restaurant, was offered for sale as an investment for €1.8m. That would have generated net rental income of €201,000 which would have equated to a gross initial yield of 11.16pc. Loyola bought it for an undisclosed sum.

At the time the pub was let on a short lease and after Covid struck the bar tenant moved out and Loyola undertook the extensive refurbishment to provide a high-quality lounge bar, restaurant and catering facilities and operated these on the 382 sqm ground floor.

The first floor extends to about 252 sqm and is occupied by Rasam Restaurant on a long-term lease and its operations are not affected by the sale.

Outside and to the rear of the property there is a smoking area and car parking for about 24 cars.