Shenton offloads Northern Quarter bar, seeks sale of upper floors

Urban Village Bars, which is in situ as operator of The Wayfarer, has bought the ground floor and basement of 1-5 Swan Street for £1.4m from the Manchester property firm.

Shenton Group has also appointed JLL to market the collective investment sale of the 15 apartments on the building’s upper floors – a scheme promoted as the city’s first co-living scheme on its 2019 launch under Shenton’s Oppidan Life brand.

The current rent on the 3,600 sq ft bar unit is £72,000 per year, reflecting £20 per sq ft. The deal represents a net initial yield of 4.8%, with 17 years remaining on the lease.

Colin Shenton, group chief executive at Shenton, said: “When we acquired 1–5 Swan Street in 2012, we transformed the upper floors to deliver Manchester’s first co-living scheme, creating a new chapter for the building.

“Urban Village Bars has also done an exceptional job in bringing The Wayfarer to life at ground and basement level, establishing it as a standout venue in a prime location. We wish the new owner every success and are confident that the commercial element will continue to thrive with such a strong operator in place.”

The bar space was previously home to the Quick Brown Fox, which never reopened following the Covid-19 lockdown. The building is a high-profile location, at the junction of  Great Ancoats Street, Swan Street, Oldham Street and Oldham Road.

Kuits Solicitors represented Shenton Group, which remains active in Manchester and beyond – in November, the firm added Manchester Hall to its portfolio, while Shenton has also taken forward a pair of tower projects in Sheffield.