Belfast Telegraph

Belfast pub The Elk on market for £700,000

By Margaret Canning

One of east Belfast's best-known pubs is on sale for around £700,000, the Belfast Telegraph can reveal.

The Elk bar and restaurant in Dundonald is being sold by owner Wine Inns, a pubs and off-licences group.

The company is retaining the Winemark off-licence on the premises.

As well as the Winemark chain, it owns well-known city pubs including Cutters Wharf, The Empire and nightclub Alibi, formerly known as the M Club.

Selling agents GVA NI described The Elk as "one of Belfast's most famous licensed premises", with a history going back to 1898.

The bar was also described as a "sound business proposition with a well-established and secure trade".

GVA NI director Gavin Weir said the sale had generated many enquires.

"It has been well received on and there have been many interested parties," he added.

"We expect it to sell - and sell well - towards the end of the month."

There is a public bar on the ground floor of The Elk and a restaurant and function room on the first floor.

It is being sold by private treaty, with a closing date for offers of June 29.

There has been a great deal of movement in the city's licensed sector in the recent past.

With its £3.5m price tag, Cafe Vaudeville on Arthur Street is the most expensive bar to go on the market in Belfast in recent years.

Elsewhere, Horatio Group spent a total of £3m on acquiring and revamping Cathedral Quarter pub the Northern Whig - a former Botanic Inns pub - after buying it from Nama.

Wine Inns snapped up another former Botanic Inns venue, the King's Head on the Lisburn Road, for £2.2m earlier this year.

Lambert Smith Hampton was the agent for the King's Head, as well as for popular student pub the Botanic Inn on south Belfast's Malone Road. It was sold to the Mooney Hotel Group - owners of the neighbouring Wellington Park Hotel - for £2.5m.

Property developer Shamus Jennings also paid around £1.75m for Madison's Hotel on Botanic Avenue.

Last year, Wine Inns sold the Crescent Townhouse on Belfast's Botanic Avenue, and Wine & Co in Holywood, Co Down, in 2013.

The former Botanic Lodge guesthouse was sold for £606,000 - which was more than double its original asking price - this year.

The Crescent Townhouse was sold for around £1m to businessman Peter Ringland, who revamped the venue and relaunched it as Town Square.

Belfast Telegraph