DERRY — The former Pinkerton Tavern property on Manchester Road has been sold.
The site of the former restaurant was sold for $255,000 to Dan Gabriel Inc., then assigned to Caffeine Team LLC, according to acting Town Administrator Larry Budreau.
The location may become the site of a new coffeeshop.
The land was one of 15 properties standing in the way of town development.
The town paid $722,842 for the property in 2011, part of the tax increment financing, or TIF, district project in that section of Derry, a major widening project from the Crystal Avenue/Tsienneto Road intersection up past Ashleigh Drive.
Deals with affected property owners, including the Pinkerton Tavern, were negotiated with the town. Many fought the eventual demise of the popular local restaurant, but, in 2013, the building was torn down.
The 1.39-acre parcel was assessed at $255,500, Budreau said. The land had been on the market for months.
Nearby development continued for the planned Pinkerton Place project, bringing a new Goodwill, Panera Bread and Woof Meow store to that stretch of Manchester Road.
Town councilors held two public hearings last fall to discuss the potential sale of the former tavern property.
Selling the property could restore $7,500 to the town’s tax revenue, Budreau said.