Pesto Restaurants, advised by Jenics, has disposed of its outlet on the restaurant terrace at Grosvenor's Liverpool 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. The unit extends to 2,949 sq ft at ground floor with a mezzanine of 2,836 sq ft. TGI's has regeared the lease with Grosvenor. Pesto signed a 25-year lease in 2009.
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, 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."
Last year Jenics advised on the disposal of Pesto's Manchester Deansgate site following an unsolicited approach by Byron.
CBRE acted for TGI Friday's, which has over 60 restaurants across the UK.