Restaurants sign at old Habitat unit

The Carlyle Group and Bride Hall has agreed lettings in Chester's Pepper Street to Chimichanga, Coast to Coast, Restaurant Bar & Grill and Las Iguanas.

All agreed 20-25 year leases on units of 4,840 sq ft, 4,329 sq ft, 7,920 sq ft and 7,925 sq ft respectively. The total annual income generated by the asset is in excess of £530,000.

The restaurants will all occupy the former Habitat store which is currently being redeveloped.

The Carlyle Group & Bride Hall was advised jointly by Savills and Tushingham Moore.

In addition to the recent lettings, Savills has also advised The Carlyle Group & Bride Hall on securing funding for Pepper Street. A forward funding deal of £8m was concluded with a pension fund, reflecting a net initial yield of around 6%.

Chimichanga and Las Iguanas were unrepresented; Coast to Coast and Restaurant Bar & Grill were advised by Wareing & Partners and Jenics respectively. The pension fund was represented by BNP Paribas.

John Agnew, retail and leisure director at Savills, said: "Pepper Street is set to become a leading leisure destination in the region and these lettings to very well established operators underline the future popularity of the scheme when it opens in 2015. The four tenants have their own individual appeal and will complement each other in providing a strong offer to residents and visitors alike."

Your Comments

Great to see some progress at last!

By Jane Harrad-Roberts

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