The Herald and SLTN reported on the sale of the Constitution St venue to the Keane family – soon to become Malones Leith.
SLTN wrote:
“The family behind bars group Malones has taken on a new unit in the heart of Leith.
The Keane family operates Malones bars in Edinburgh, Glasgow and Aberdeen, as well as owning the Smugglers Spirits drinks brand.
The freehold to the Leith unit, on Constitution Street, was on the market for £675,000 although the final sale price was not disclosed by selling agent Cornerstone Business Agents.
With a capacity of 254 customers, the unit is kitted out with a full commercial kitchen as well as an events space, mezzanine level and a pavement licence for outside dining and drinking.
Cornerstone director Barry McNeil said the sale was completed ‘amidst very strong interest’ from prospective buyers.”
Image: Cornerstone Business Agents
The Herald wrote:
“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.””
Malones Leith opened for business on Saturday 8th July. The new authentic Irish bar, sports bar and live music venue is taking walk-ins only, with a booking system to come soon.
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