Glasgow’s Merchant Square in £9.5m property takeover

A popular Glasgow leisure venue had changed hands as part of a multi-million pound takeover deal.

Merchant Square, a former market that plays host to a number of bars and eateries, along with four other bar and restaurant units on nearby Candleriggs, have been snapped up for a combined price of £9.5 million.

The properties will form part of the £75m Clydebuilt Fund, which is owned by the Strathclyde Pension Fund and managed by Ediston Real Estate.

The assets were acquired from Merchant City Properties.

Plans are now being drawn up to enhance the properties as well as bring currently redundant space in Merchant Square back into use.

Calum Bruce, director of investment at Ediston, 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.”