Allied London puts retail sites up for sale
13 June 2014 09:39
Comments (4)
Allied London has put 80,000 sq ft of retail and restaurant space in Spinningfields, Manchester, on the market with a guide price of £26m.
The units in Magistrates Courthouse, 3 and 4 Hardman Square and Left Bank are held on long leaseholds and produce a £1.6m annual income.
Tenants include retailers Flannels, Nicky Clarke and Mulberry, and restaurants Fazenda, Strada, Café Rouge, Ask, Carluccio's and Giraffe.
Specialist retail and leisure agent Coady Supple has been appointed to market the properties on behalf of Allied London.
Robin Coady, partner at Coady Supple, said: "This is a special opportunity in a prime area. We expect interest to be mainly institution-led due to the high growth in rents in the area."
£26m for £1.6m of rents in an unproven retail location? Good luck Allied !!
By Bemused
Bemused – very true but I think the upcoming redevelopment of the Granada Studios site and the upcoming new builds at Spinningfields will make the site a great opportunity in the near future.
By Daniel Hulse
Bemused, what can be unproven about a location that hosts the City’s highest turnover restaurants and over a 50m turnover retail /leisure business, have you been there? Even the lawn club turnover more that any restaurant in the NQ.
By mr Knowledge
And they’re off…. in the lead is CK, followed by Ted Baker, in 3rd place is Kurt Keiger, followed closely by Strada and Café Rouge. Who will be the next faller…..
By In the know