Spinningfields leisure units for sale with £25m price tag
ALLIED London has put much of the retail and leisure space at Spinningfields on the market with a guide price of £25m.
The sale includes 80,000 sq ft of units on one side of The Avenue, 3 and 4 Hardman Square and at the Left Bank building.
Tenants include Giraffe, Pret a Manger and Carluccios, contributing to an annual rent roll of £1.6m.
The developer has long since sold off the buildings to different investors but bought back the retail space in 2012 on a long lease.
Chief executive Michael Ingall said: “We purchased the retail space in 2012 and have worked hard to deliver our strategy of transforming the area from retail-led to a leading leisure and restaurant-led offering for Manchester.
“This development project is now complete and it makes sense that it is owned by an investor, not a developer. We’re recycling our investment as we move on to the next, exciting stage in the development of Spinningfields.”
The sale is being handled by Robin Coady of London-based Coady Supple. He said; “It’s going to be something which the institutions are going to be pretty interested in and the reaction we’ve had has been pretty good so far.
“The estate is doing well and the turnover at some restaurants is pretty spectacular. Revenue from the shops and restaurants has grown from £20m to £50m in four years.”
