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Corn Exchange attracts Manchester's highest F&B rents

27 April 2015 by
Corn Exchange attracts Manchester's highest F&B rents

Manchester's Corn Exchange development attracts the highest food and beverage sector rents in the city.

That's according to new research from Colliers International, which found that the Grade-II listed building, which is due to reopen as dining destination in July this year, commands rents of £50 per sq ft.

Corn Exchange has undergone a £30m refurbishment by owners Aviva Investors Property Trust and Queensberry Real Estate. It will be home to 17 restaurants including several firsts for Manchester and a 114-apartment Roomzzz Aparthotel.

Restaurant operators due to open at the venue include Wahaca, Vapiano, Pho, Eclectic Grill, the Cosy Club, Tampopo, Salvi's mozzarella bar, Banyan bar and kitchen, Byron, Cabana, Zizzi and PizzaExpress.

The analysis identified Deansgate as the preferred location for premium restaurants in Manchester, commanding rents of up to £40 per sq ft and the Northern Quarter as the preferred choice of independent restaurant operators, achieving rents of £10 to £15 per sq ft.

Colin Siebert, director licensed and leisure at the Manchester office of Colliers International, 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."

He said it had also benefited from Manchester being on the target list of most operators' with high profile openings in the city in 2014 and 2015 including several from London such as Hawksmoor and Burger and Lobster.

Siebert added: "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."

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