DERRY — Property where the former Pinkerton Tavern once stood has been sold to a commercial real estate company and may become the site of a coffee shop.
The property at 13 Manchester Road was sold to Dan Gabriel Inc. for $225,000, according to a Dec. 4 purchase and sales agreement, Acting Town Administrator Larry Budreau said.
According to the agreement, the buyer has a period of time this month to investigate and inspect the property to determine whether it can be used as a coffee shop with a drive thru. Further details of what will become of the property weren’t available Monday.
The property was purchased by the town in 2011 for the Route 28 widening project. The former Pinkerton Tavern was dismantled in 2012, and the property was purchased for $722,842, according to the town.
After the road widening, the remaining parcel is 1.38 acres and is located in the Industrial IV section. It is assessed at $255,500.
Councilor Neil Wetherbee has said the sale of the property would benefit the town.
“It would be great to get that back on the tax rolls and improve the economic development situation,” Wetherbee said in October. “I’m hoping that’s what will become of it.”
The property had been marketed for several months by Colliers International.
The sale of the unimproved land from town ownership to a private entity will restore approximately $7,500 annually in tax revenue, according to officials. Subsequent development would likely yield additional tax revenue.
Two public hearings were held last month to grant the transfer of the property, according to officials.