RENTS for new restaurant units at the £30m redeveloped Corn Exchange are among the highest in the city, according to new research by commercial estate agents Colliers International.
Manchester’s licensed circuit continues to thrive with 158 of the 327 units in Manchester currently operated by food and beverage operators
Due to reopen in July 2015, the seventeen new restaurants heading into the redeveloped Grade II-listed structure by Aviva Investors and Queensberry Real Estate will pay rents of up to £50 per sq ft.
These include new to Manchester restaurant brands: Wahaca, Pho, Banyan Bar & Kitchen, Vapiano, Cabana Brazilian Barbecue and The Cosy Club; alongside previous Corn Exchange tenants: Tampopo, Salvi's, Zizzi, Pizza Express and Eclectic Grill (formerly Zinc); and the city's third Byron Burger.
The remaining restaurant units are still under negotiation.
Research by Colliers revealed Deangate as the second priciest location to establish a restaurant, with rents reaching £40 sq ft, whilst Manchester's indie operator heartland, the Northern Quarter, commanded rents of £10-£15 per sq ft.
Meanwhile the fast-populating Spinningfields is attracting rents of between £35 to £40 per sq ft, while Deansgate Locks - which boasted the highest concentration of food and beverage units - paid between £25-£27 per sq ft.
CGI of the new Corn ExchangeColin Siebert, Director at Colliers International Manchester, said:
"Food and beverage providers are willing to pay top dollar for premises at Corn Exchange because the building is in an outstanding location and has been transformed into a centre for dining - restaurant operators want to be with other restaurant operators in order to attract more business by the creation of a circuit.
“Manchester’s licensed circuit continues to thrive with 158 of the 327 units in Manchester currently operated by food and beverage operators. The new mixed-use developments at First Street and Noma will provide further opportunities for growth in the food and beverage offering and overall, the market has never looked brighter.”
Siebert also identified the arrival of London brands Hawksmoor, Iberica and Burger & Lobster in Manchester as a major draw for restaurant operators.
Last week Roomzzz Aparthotel were announced as the hotel operator for the Corn Exchange, with a 114-room hotel expected to open in early 2016 - read here
