A pub and restaurant premises on the new Edinburgh Tram route has been sold after being on the market for a matter of weeks.
It comes as “demand is outstripping supply” in the city, it is claimed.
The former Constitution Bar and Restaurant in Leith, marketed by Cornerstone Business, has been acquired by the Keane family, who operate Malones Irish Bars in Haymarket in the Scottish capital and Sauchiehall Lane in Glasgow.
The pub was on the market for £675,000 for around ten weeks. The purchase price was not disclosed.
Cornerstone said there had been “huge interest in the freehold property with interest boosted by the arrival of the trams”.
Cornerstone also said: “In Edinburgh demand for freehold and leasehold licensed property is strong. Demand is outstripping supply.”
The agent also said: “The property is immediately in front of ‘The Shore’ tram stop. The highly visible trading location lends itself perfectly for capturing passing trade as well as servicing the local community.”
It is the second freehold property sale for Cornerstone in Leith in four months, after it completed on Bowlers Rest on Mitchell Street at the beginning of the year.
The agent said Bowlers Rest had been in the same family for the last 30 years, adding: "Prior to that the pub was owned by Hibs Famous Five legend Lawrie Reilly for 32 years.
“The pub is somewhat of an institution in an ever-changing Leith.”
Cornerstone also said: “Leith will be significant beneficiaries of the extension of the tram network that will now run interrupted from Edinburgh Airport in the west to Newhaven in Leith.
“It is envisaged that this tram link extension will further bring more development and visitors to this already fashionable and growing part of the greater Edinburgh area.
“The immediate area around Mitchell Street and Elbe Street has been transformed in recent years with new homes and flats and this is set to continue.”
Bowlers Bar was on sale at £250,000, and changed hands for an undisclosed sum.
‘Rampant’ inflation affecting everyone, says Haughey
Bank of England governor Andrew Bailey’s jacket is “on a shoogly peg” after he told the UK Parliament’s Treasury Select Committee that inflation had “turned a corner”.
Lord Willie Haughey, warning that “rampant” inflation was “in a place where it affects the rank and file every day of the week”, said that while it was good news that the rate of inflation had dipped from 10.1% to 8.7%, interest rates will still go up.
“This is very confusing for consumers and for businesses, and food inflation is still rampant,” he added, noting that representatives from the food industry had attended a summit at 10 Downing Street to discuss the situation.
Glasgow digital agency sets up training academy to develop talent
A Scottish paid media agency that is growing its business around artificial intelligence and machine learning has established its own digital training academy to meet the skills shortfall of talent in Scotland and future-proof the company.
Laura Davidson, who co-founded Glasgow-based Tag Digital with her husband, Craig, 12 years ago, told the Go Radio Business Show with Hunter & Haughey: “It is hard to get the digital talent in Scotland [and the UK] that we need at the pace we are growing so we built a digital training academy to take on school leavers and college leavers, then put them through a year’s training – they don’t have to have any experience when they come to us.”
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