Edinburgh market remains buoyant, says Cornerstone
THE market for hospitality businesses in Edinburgh remains buoyant, with demand outstripping supply in some areas – that’s the assessment of property agent Cornerstone, which has concluded six sales in and around the capital in recent weeks.
The property agent brokered the leasehold sale of the former Skylark bar and restaurant on Portobello’s High Street to the team behind Portobello-based Vault City Brewing.
Said to occupy a “high profile trading location”, the 40/50-cover premises was “sold amidst competing interest”, according to Cornerstone.
The agent also handled the sale of the leasehold interest of the 26-cover former Lucky Yu restaurant on Leven Street in the Bruntsfield area of the capital after a “very brief, successful marketing campaign”; and the leasehold of the former Sofi Desserts outlet on Grassmarket to the operators of the Edinburgh Kaspa’s Desserts.
Elsewhere in the city, the agent brokered the off-market sale of the former Pakora Bar premises on Hanover Street to a “well known Glasgow operator looking for one of their first sites in the capital”; the former Chinese Buffet restaurant on Morrison Street, close to Haymarket station, changed hands; and Cornerstone also handled the leasehold sale of the former Quattro Zero premises on Queensferry Street.
Described as a “high quality licensed opportunity in a superb trading location”, the 40-cover premises is set to become a Maki & Ramen outlet.
Barry McNeil, director of Cornerstone, said the market in Edinburgh remains strong with “demand still outstripping supply in most areas”.
“We are witnessing heavy demand for Edinburgh but I sense this is being caused by a supply and demand issue – there is not enough new quality stock coming to the market and when it does it is being met by a hungry demand,” he said.
“I do think macro-economic factors will cause a cooling of the market as we head into winter, and the cost of living crisis and, perhaps critically, fuel costs force operators to come to market and sell their business.
“I do sense operators who steeled themselves and survived the restricted trading periods of Covid are determined to have a very strong summer and this has directly attributed the lack of new stock coming onto the market.”