CDLH achieve the fastest restaurant letting during the pandemic?!
CDLH Chartered Surveyors believe they may have set a record for the quickest letting of a licensed property in Scotland during the COVID-19 pandemic.
Peter Darroch, Director of CDLH Leisure & Hospitality Surveyors in Glasgow commented. “Our clients are the landlords of the former Gusto at 95 Bothwell Street in Glasgow city centre. Prior to placing the premises on the market, we provided asset management advice to the Landlord after the Gusto CVA in mid-2020 and recommended gaining vacant possession. We commenced marketing in early November 2020 and secured numerous potential tenants in a short time frame. A deal was agreed with a fantastic national tenant, FRIDAY’S, who completed a contract on the 24th December 2020 with entry 1st February 2021.
The premises, which extends to circa 678 sq. m (7,300 sq. ft), is in an ideal licensed trading location given its proximity the Glasgow Central Station, the office and retail districts plus the core city centre licensed circuit. The premises were placed on the market at rental offers over £100,000 per annum. A total of six offers were obtained during the short marketing period, many of which were above the asking price.”
Fridays, who operate the highly successful TGI Fridays on Buchanan Street in the city centre, plan to convert the former Gusto premises to their fresh new concept – “63rd & 1st” which will complement their existing operation on Buchanan Street.
Mr Darroch commented further. “The key to successful lettings is market knowledge and putting in place a detailed marketing procedure at the outset to attract the right interest and give the tenant confidence in the letting opportunity. The Landlord was also very helpful in this regard and had the property cleaned and redecorated to enhance the overall presentation. Friday’s were extremely professional in negotiations which also greatly assisted the speed of the letting transaction.”
CDLH have had a very busy 2020 with a strong pipeline for 2021. CDLH have many high-quality potential tenants and purchasers seeking hospitality opportunities and premises across Scotland. Please contact Peter Darroch or Alan Creevy for further information www.cdlh.co.uk.
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