jm + key-money   1

Hospitality boom: What’s happening with Dublin’s bars and restaurants?
Good article with an insider look at what's going on with venues, bars and restaurants in Dublin:
They call it “meanwhile use” in property developer shorthand. It’s the market or cafe that slots itself temporarily into a building earmarked for redevelopment. Rent is low and terms are flexible. Cheap space is hewn out of a lull. Cool creative things happen. You don’t need the backing of a private equity fund or a multinational developer to set up a cafe or restaurant. No one is asking for a six-figure sum just to hand you the keys. [...]

That era has gone. Landlords are back in the driving seat. Between the canals the key money, a once-off upfront payment just to get the keys, is mind-boggling. The pace of new openings seems relentless and “not particularly sustainable”, as one industry insider puts it: how many burritos do you have to sell when you’ve paid €500,000 upfront, before the costs of fitting it out, staffing it and paying the rent?
dublin  hospitality  bars  restaurants  pubs  nightlife  landlords  property  boom  key-money 
july 2018 by jm

Copy this bookmark:



description:


tags: