TCS’ Deansgate block fully let
Town Centre Securities' has completed letting the commercial space at 118-124 Deansgate in Manchester city centre. Locally based restaurant chain Pau Brasil has signed a 15-year lease on the 8,000 sq ft first floor, joining Staples UK and Cotswolds Outdoor in the building.
TCS spent £3m restoring the corner site, which also has planning permission for 14 residential apartments on the upper floors.
Pau Brasil, which is now open for trade, is a traditional Brazilian steakhouse and the Deansgate restaurant follows the success of the original Pau Brasil in the city's Northern Quarter on Lever Street.
Town Centre Securities acquired 118-124 Deansgate, formerly the children's retailer Daisy & Tom, in 1997 and has since undertaken a complete restoration to transform the Grade II-listed building.
Town Centre Securities is perhaps better known in Manchester for its £250m Piccadilly Basin regeneration scheme.
Richard Lewis, property director, said: "The restoration of 118-124 Deansgate continues our work in preserving Manchester's heritage. The building is well recognised throughout the city and due to its strategic location we didn't want to limit the uses. It was agreed that a combination of retail, leisure and residential would suit both the format of the building and its positioning within the city. We had always earmarked the second floor as an ideal option for a restaurant operator and are subsequently confident that Pau Brasil can make good use of the building's location and footfall."
