Individual Restaurants’ HQ on the market
TWO of the main shareholders of the Individual Restaurant Company (IRC) are selling the building in Manchester which houses the firm’s head office and Restaurant Bar & Grill.
The five-storey, 27,000 sq ft Ridgefield House on John Dalton Street, which is also home to the Panacea bar, has been put on the market at £6.4m.
IRC runs a number of different restaurant brands including Restaurant Bar & Grill, the Piccolino chain and the Bank brand.
The building is owned by Goldberry Properties, which is two-thirds owned by IRC directors Steven Walker and Malcom Walker, chief executive of supermarket chain Iceland.
Steven Walker is a director of Goldberry along with Aneel Mussarat and it is registered to the same address as Mr Mussarat’s Rusholme-based property Group MCR. In the past few weeks Mr Mussarat sold the nearby former stock exchange building to former Manchester United and England footballer Gary Neville for around £1.5m.
CBRE and Jenics have been appointed to sell Ridgefield House. Will Kennon of CBRE said: “This is a high profile opportunity to acquire a prominent centrally located building providing long term reversionary income with 91% of total income contracted until August 2025.
“In addition, investors have potential to benefit from substantial Rights of Light settlement in the short to medium term as a result of the proposed redevelopment of Brazenose House.”
Restaurant Bar & Grill is said to be planning a £750,000 revamp of the ground floor restaurant and second floor private dining facilities. It is also developing a “sky bar” with a retractable roof. A sale of £6.4m would reflect a net initial yield of 6.5%.
IRC did not respond to an inquiry from TheBusinessDesk regarding the sale of the building.
