Olive venues on market as owners focus on other interests
A RESTAURANT and brasserie in Aberdeen’s affluent Queens Road area is on the market for £1.5m.
The Olive Tree restaurant and the adjoining Black Olive brasserie are located in a former toll house building and have a combined capacity of 150 covers.
As well as the two eateries the building houses a small retail unit called the Olive Branch, which is also included in the sale.
The Olive Tree offers an outstanding opportunity to acquire an extremely profitable business.
The owner, Aberdeen businessman Mike Reilly, has decided to sell the freehold in order to focus on his other interests, which include hotels and catering.
The sale is being handled by the hotels team at property firm Knight Frank, which also negotiated the sale of neighbouring properties The Queens Hotel and Simpsons Hotel. The consultancy said new owners may want to run the business as a more casual bar or wine bar, and expects the property to attract attention from a range of buyers.
“The Olive Tree really does offer an outstanding opportunity to acquire an extremely profitable business together with one of the most admired and prominent granite buildings within the heart of Aberdeen’s affluent west end,” said David Reid of Knight Frank.
“Although there will be interest from experienced restaurateurs and publicans I also fully expect to receive interest from investors looking at acquiring these rarely available commercial premises in arguably one of Scotland’s best business and residential areas.”
Elsewhere in the north east, Christie & Co is marketing the Harbour Restaurant in the fishing village of Gardenstown.
The freehold for the property has been placed on the market for a fixed price of £158,000.
“We’re delighted to be able to market this business and lifestyle choice in one of Aberdeenshire’s more affluent areas,” said Barry McNeil of Christie & Co.
“We would advise any potential purchasers to go and have a meal and absorb the ambience of the area.”