A Mountmellick shop complete with a pub licence and a weekly turnover of €25,000 per week was withdrawn from auction this week after a bid failed to reach its reserve price.
Hanlons Shop in Mountmellick had a reserve asking price of €175,000 but only attracted one bidder.
With the only bid on the table falling €10,000 short of the reserve asking price, the property was withdrawn from the auction at the Gandon Inn.
The business has been owned by the one owner for the past 70 years and is well positioned on O’Moore Street in the centre of Mountmellick.
“It probably shows that people don’t want to put in the long hours behind the counter,” auctioneer Matt Dunne said.
He said in recent years an option like this would have been very attractive, particularly to a young couple who might want to build up a family business and provide employment for family members.
“It comes with a pub licence which is worth €50,000 and close to 1,500 square feet of business and petrol pumps,” he said.
As well as the business, the property offers three-bedroom overhead accommodation and a large garden to the rear.
“It does need some modernisation,” Mr Dunne said.
However, he said the business and accommodation was being sold for less than a three-bed semi went for in Monasterervin this week.
He said banks are not lending at the moment, and the market is very much focused on cash buyers.
“Hanlon’s shop on O’Moore Street in Mountmellick is part of the fabric and folklore of the town. It has been a hub of activity since the 1940s,” Mr Dunne recently said.
“Ten years ago it was a very popular watering hole for discreet imbibers, with its select lounge at the rear of the premises,” Mr Dunne said.
“Its loyal customers still love the fact that you can fill up with petrol or diesel while still availing of the quick and handy convenience store,” he added.
“The grocery shop has everything, including off licence. The recent arrival of the lotto has attracted a lot of new customers,” he said.
He noted that the turnover of the shop has remained steady for the last 3 years at approximately €1,200,000 or c. €25,000 per week.