West Scotland Letting Success

Graham + Sibbald are pleased to announce the successful lettings of 8 High Street, Glasgow and Bambu, Bellshill.

Acting on behalf of the landlord, Graham + Sibbald successfully let 8 High Street, Glasgow in February 2019. This letting highlights that there is still Leasehold confidence within the restaurant sector due to the level of interest and short marketing campaign.

8 High Street is positioned within the Trongate area of Glasgow’s city centre – an area that the Hotel + Leisure team believe is due to become more popular within the city centre’s night-time economy in the near future. The unit presented very well to the market, being the ground floor of a much larger modern mixed-use development. The previous tenant had undertaken an extensive and high quality refurbishment, which sparked interest from the outset of the campaign. The marketing commenced on the 31st of October 2018, with multiple viewings taking place within in the first week. Three offers were received and the property was formally under offer within seven working days.

Brogan Grier, Chartered Surveyor within the Hotel + Leisure team at Graham + Sibbald, said: “The successful party is an established restaurant operator across Edinburgh and Fife, who looks to continue the concept in Glasgow. We negotiated terms for our client that were favourable and exceeded our expectations at the outset of marketing.”

“We wish all the best for the new tenant, and we are sure that representatives from the Glasgow office will be in to sample their menu when they open once their fit-out works are completed.”

Acting on behalf of retaining clients Hawthorne Leisure, Graham + Sibbald were instructed to dispose of the Freehold Interest in Bambu, a restaurant/bar with letting bedrooms in Bellshill.

The property was initially brought to market on the 26th of October. Three viewings took place over the marketing period, with two offers received. The property was officially under offer by the 13th of November, with the deal concluded in February 2019.

Brogan Grier who handled the sale, commented: “The leisure sector is experiencing good interest in both the Leasehold and Freehold markets. Bambu, received interest from both prospective purchasers in the licensed trade, as well as developers looking at the site as a development opportunity. We were effectively able to target prospective purchasers with different ideas for the site which resulted in a good outcome for our client.”

Graham + Sibbald look forward to seeing how the property is developed in the near future, following the purchaser applying for a change of use at the site.