X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

UPPER DUBLIN TWP., PA-The Dresher Inn at 1708 Limekiln Pike, which was tied up in the estate of its late-owners for several years, has been put up for auction. While its exact date of construction is not known, the now-vacant building is believed to date back to the early 1700s and ceased operation as a tavern in the mid 1990s.

The auction process is being handled by Willow Grove-based Bounds Auction and will take place on Jan. 18, 2007.

Omar Bounds, who heads the auction firm and is an appraiser, tells GlobeSt.com, “because of the unique nature of this property, it is going out for bid unappraised. Any appraisal would be a boldface guess. We expect to get $1 million or better.”

The unusual aspects include the age of the structure, its location and the additional availability of a Pennsylvania liquor license. The stone and timber building has a class II historic property designation. “The classification prohibits demolition of the structure,” Bounds says. “However, it can be renovated, altered and expanded. It’s in remarkably good shape,” he says, “and zoning on the land is very liberal.” The approximately 1.2-acre site can be utilized for retail, office, multifamily or mixed-used development.

“The property’s location,” Bounds says, “represents the real value, while the structure can contribute historic cachet, and the license would represent added value for a buyer that wants to re-open as a restaurant or tavern. There is no other comparable, undeveloped land in a location like this. It has been off the market only because of complications with the deceased previous owners’ estate.”

The starting price for bidding on the real estate will be the highest bid placed prior to the Jan. 18 auction, and the highest bid for the liquor license will be the starting point for its sale on that day. “After those bids close, we will combine the two highest bids, add 5%, and re-open bidding for the package,” Bounds says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.