Cardales - Retail - Manchester, Didsbury
Date: 03 Nov 1997
Retail: Manchester, Didsbury
Whitbread plc has taken two units for their Café Rouge and Hogshead public house operations and City Centre Restaurants plc another two for Caffé Uno and Nachos. Marston Thompson & Evershed plc have combined with Life Restaurants Ltd to acquire a unit for their new Via Vita Mediterranean concept. All these will provide a vibrant interesting mix in terms of style, good food and entertainment at one destination.
The scheme comprises five buildings on ground and first floors totalling 1,951 m² (21,000 sq.ft.) and all the occupiers have signed agreements to take 25 year leases subject to 5 yearly reviews at an average ITZA rate of £296 per m² (£27.58. per sq.ft.) Café Rouge has taken 334 m² (3598 sq.ft.) at £40,000 pa, Hogshead 452 m² (4876 sq.ft.) at £60,000 pa., Caffé Uno 391 m² (4210 sq.ft.) at £40,000 pa., Nachos 353 m² (3809 sq.ft.) at £43,200 pa. and Via Vita 436 m² (4696 sq.ft.) at £57,500 pa. The scheme is scheduled for completion in early 1998.
The Clock Tower site, as it is euphemistically known, has been owned by Seddon for a number of years but development has been hampered by proposals for the Metrolink to run underneath the site. However, civil engineering infrastructure to provide a tunnel, which extends below the access road and car park is now underway and will safeguard a potential future Metrolink route.
Richard Johnson of Seddon said:
"The inevitable delay in developing the site has resulted in a totally different complex to that envisaged 7 years ago. The present scheme is a reflection of how the leisure market has taken off over the last two years and the change in operators attitudes and perceptions as well as the advantages of being grouped together. We are delighted with the scheme and believe it will prove to be a highly successful addition to Didsbury town centre."
Cardales and Tushingham Moore who represented Seddon in the lettings and are retained for the funding report, that demand far exceeded the number of units and is a real indicator of the booming leisure market and they do not believe that a development of this nature would have been possible even as little as two years ago.
Manchester professionals were all involved in the development with DTR Sheard Walshall the architects, Vaudrey's the solicitors acting for Seddon, Coope Otley Associates the quantity surveyors and civil engineers Modus Consulting Engineers.
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