Scotland business

Historic Merchant Square in Glasgow changes hands

Merchant Square Image copyright John M/Geograph

A historic venue in Glasgow has changed hands in a multi-million pound deal.

Merchant Square and four other bar and restaurant units on nearby Candleriggs were sold by Merchant City Properties for a combined price of £9.5m.

They were bought by Clydebuilt Fund, which is owned by the Glasgow City Council-administered Strathclyde Pension Fund.

Merchant Square is housed in part of Glasgow's Old Fruitmarket.

Developers Ediston Real Estate said plans were being drawn up to enhance and improve the properties, as well as bringing redundant space in Merchant Square back into use.

Ediston director of investment Calum Bruce said: "These acquisitions fit Clydebuilt's strategy of buying assets we believe we can enhance further.

"The leisure market in Glasgow has seen significant expansion over the last 18 months, and as the city centre reaches saturation point we are confident the Merchant City will benefit as operators look for new opportunities and locations to expand into."

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