Restaurant Acquisition and Disposal Within Glasgow City Centre

Graham + Sibbald were delighted to assist experienced operator Andy McCartney expand his existing portfolio of restaurants.

Retaining client Dunaskin Properties had instructed Graham + Sibbald to dispose of the Leasehold interest in 363 Argyle Street, Glasgow, shortly before the COVID-19 pandemic took effect. The pandemic heavily effected licensed restaurants – in particular licensed restaurants within City Centre’s across the UK.  We had been able to undertake successful viewings prior to the pandemic in March 2020, however, there was a pause in marketing due to Lockdown, only able to continue the campaign when legally responsible and able to do.

Our efforts created multiple leads of interest during this period, with us able to negotiate an equitable deal for both landlord and tenant. This deal reflected the everchanging landscape; incorporating a timely ‘COVID Clause’, which would provide a discounted rental should the pandemic cause limited trade or closer in the future.

The new tenant, Andy McCartney, a Glasgow based restaurateur with a proven track record, has since completed the refurbishment works awaiting a reopening on the 17th May. The property will now trade as a Scottish Gastro Pub called The Dukes Umbrella, the name of which harks back to the past at Central Station known as The Hielanman’s Umbrella.  We expect this to be very popular, as it provides quality Scottish fare in a social setting amidst the expanding office market in the surrounding ISFD area of Glasgow.

Following on from this Andy McCartney was in regular contact with us regarding other opportunities. He subsequently instructed Graham + Sibbald to act on his behalf in negotiations and the identification of another licensed unit within the City Centre. As such, we acted on his behalf in detailed negotiations on 26 Candleriggs in the Merchant City.  We were able secure favorable terms for our client, citing lengthy delays until 100% capacity can be achieved.  Andy is going to be bring his existing brand Nonna Said – a pizza takeaway and dine-in concept – to this area. We identified that £300m Candleriggs Square development directly opposite property for long term growth of the business. The development comprises of a 500 bed hotel, 346 homes, gym and retailing space. This site will generate a lot of footfall in the immediate area, who will benefit from Nonna’s Pizza and refreshments.

You can follow both ventures on Instagram at @dukesumbrella + @nonnasaidpizza.

If you require any assistance with your own restaurant or licensed leisure requirements, albeit anywhere in Scotland or further afield, please do not hesitate to get in contact with myself or Peter Seymour to discuss these opportunities that may be available to you. We are aware of many on-market and off-market opportunities and we would be delighted to have a conversation with yourself.