Spanish restaurant group Iberica has secured its first two sites in Scotland.
The nine-strong group, which is led by Marcos Fernandez-Pardo, has taken 4,000sq ft of space at 140 St Vincent Street over the ground and basement levels on a new 25 year FRI lease, paying a rental of £90,000 per annum, for an opening later this year.
The company has also signed on a site in Edinburgh which will form part of Standard Life’s new St Andrews Square development.
Callum Mortimer, director in CBRE’s Retail team, said: “It is great news that we have secured Iberica for its first unit in Scotland. It is a top quality operator that will appeal to the people of Glasgow. Based on the other outlets throughout the UK there is no doubt Iberica will make an excellent job of its fit-out in what is an interesting corner building.
“There is a notable lack of casual dining restaurant opportunities within Glasgow city centre at present for occupiers despite a number of live requirements. St Vincent Street and its surroundings has witnessed a huge surge in restaurant demand over the last two years or so largely due to its high footfall location, proximity to Buchanan Street and the fact it is underpinned by a substantial number of office workers. I am sure Iberica will find it to be fitting home.”
The group launched its latest site in East Parade, Leeds, in April, with the unit featuring a heavier cocktail focus than previous openings.
Fernandez-Pardo said once the company gets to its originally target of 10 sites it will have to “re-evaluate its growth strategy”. He told MCA: “At that point my job will be done here. I set out that goal and I have other projects I can focus on when we get to that point.”
Fernandez-Pardo said valuable lessons had been learnt from the company’s first opening outside London – at Manchester’s Spinningfields last year. He said the company’s research showed that while 60% of customers in London thought ingredients were ‘very important’ the figure was 30% in Manchester and Leeds.
He said: “We have always been very proud about how our restaurants reflect the communities they sit and that is reflected in the food offer. Canary Wharf is very meat-based, in Marleynbone fish is very popular.
“For Scotland we are looking at Botelo – a tripe dish that is like a north western Spain version of haggis. We want to play on those links between that area of Spain, which is the Celtic area of the country, and Scotland.
“For me, this is the future of our section of the market. People don’t want brands that are the same everywhere. They want a brand to stand for consistency of standards but there is a demand to adapt to the local environment.”
