The undisclosed seven-figure premium paid by TGI Friday’s for the Pesto site in Liverpool One is believed to be the highest paid in the North West of England and possibly for any restaurant unit outside London.
According to Jenics, which acted for Pesto on the deal for the siteon the Restaurant Terrace at Grosvenor’s Liverpool One, the offer effectively acted as a ‘site securing payment’, with agreement to close the business down and strip it out upon completion.
It is thought that TGI’s beat off competition from Five Guys for the 5,785sq ft restaurant, which is expected to be one of eight new units opened this year by the Karen Forrester-led chain.
Jeremy Collins, director of Jenics, said: “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.”
CBRE acted for TGI Friday’s.
