Leading property consultancy CBRE has announced it has secured a restaurant occupier for a prominent unit on St Vincent Street in Glasgow on behalf of a private landlord.
Iberica, a high-end Spanish tapas restaurant, has taken 4,000 sq ft of space at 140 St Vincent Street over the ground and basement levels on a new 25 year FRI lease, paying a rental of £90,000 per annum. The property, formerly occupied by an independent Turkish restaurant, benefits from a high profile corner position on St Vincent Street with its return frontage onto Hope Street.
Iberica, for which the Glasgow restaurant will be its first offering in Scotland, prides itself on showcasing the true flavours of Spain in contemporary Iberian surroundings. Only the highest quality ingredients imported from carefully selected Spanish producers are used.
Callum Mortimer, director in CBRE’s Retail team, commented: “It is great news that we have secured Iberica for its first unit in Scotland. It is a top quality operator that will appeal to the people of Glasgow. Based on the other outlets throughout the UK there is no doubt Iberica will make an excellent job of its fit-out in what is an interesting corner building.
“There is a notable lack of casual dining restaurant opportunities within Glasgow city centre at present for occupiers despite a number of live requirements. St Vincent Street and its surroundings has witnessed a huge surge in restaurant demand over the last two years or so largely due to its high footfall location, proximity to Buchanan Street and the fact it is underpinned by a substantial number of office workers. I am sure Iberica will find it to be fitting home.”
Iberica will also be opening a restaurant in Edinburgh which will form part of Standard Life’s new St Andrews Square development.
CBRE represented the private client landlord whilst Iberica was unrepresented.