The deal was completed within two months from start to finish; reflecting the strong appetite in the Edinburgh market for this type of business. The new owner is Luigi Aseni, the owner of Boteco de Brazil, a Brazilian-themed bar and grill, with locations in Glasgow and Edinburgh. Luigi will rebrand the restaurant as Picollino, which will serve authentic Italian food.
Tony Spence, Business Agent at Christie & Co’s Edinburgh office who handled the sale comments, “Lothian Road in Edinburgh does not offer many options for authentic Italian dining and the introduction of Picollino will work well in this area of Edinburgh; which is always busy with locals and tourists.
“Currently, the market is very strong in Edinburgh. Investors are now willing to consider leaseholds because they understand that there are now limited opportunities for freeholds in the market. Depending on location and current goodwill, buyers are currently offering high premiums for the right business.”
The property was sold off of an asking price of £60,000.