Pesto Restaurants, advised by Jenics, has sold its outlet on the Restaurant Terrace at Grosvenor’s Liverpool One scheme following an unsolicited approach by TGI Friday’s. The 5,785 sq ft restaurant, which was trading successfully for Pesto, will be completely refurbished and is expected to be one of eight new TGI units this year.
High premium – ‘site securing payment’
The unit extends to 2,949 sq ft at ground floor with a mezzanine of 2,836 sq ft. The seven figure premium remains undisclosed but it is believed to be the highest paid in the North West of England and possibly for any restaurant unit outside London. The offer effectively acted as a ‘site securing payment’, with agreement to close the business down and strip it out upon completion.
Jeremy Collins, Director of Jenics comments, “The offer was so substantial that it was difficult to reject and the proceeds will enable Pesto to reinvest in the role out of their ‘Pesto in the Pub’ concept, which is going from strength to strength across the North West and Midlands.”