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Morgan Leahy property investment group

Manchester - The Development

Prominently situated on King Street one of the city's key retail streets, often referred to as the 'Bond Street of the North'

Estimated Rental Value

In considering the estimated rental value we would highlight the following recent evidence from King Street, Manchester:

Tenant Address Rent (£ psf ITZA) Date
T M Lewin 44 King Street £225 ft Sept 2003
Timberland 40 King Street £214 ft May 2002
Warehouse 30 King Street £213 ft Dec 2003
Monsoon 13 King Street £213 ft March 2003
Jake's Shoes 28 King Street £211 ft April 2003
Crombie 19 King Street £211 ft Dec 2002
Planet 34 King Street £210 ft June 2002
Boodle & Dunthorne 11 King Street £210 ft April 2002

We are therefore of the opinion that the ERV of the retail accommodation is £199,276 pa reflecting £220 per ft2 Zone A.

Rental Analysis

We have analysed the passing rents to equate to the following figures:

Unit Rent
  per m2 Zone A per ft2 Zone A
Body Shop £2,234.16 £207.56

In terms of evidence we understand the latest deals on the street are £225 per ft2 for the TM Lewin unit, 44 King Street, in September 2003 and £214 per ft2 for the Timberland unit, 40 King Street, in May 2002.

We understand the passing rent devalues to £207.56 per ft2 Zone A and the settlement is likely to be in the range of £215 to £225 per ft2 Zone A.

It is interesting to note that such is the demand for retail space on King Street that a number of high profile brand leaders have located to Upper King Street (non pedestrianised) in order to secure a location as close as possible to this prime retail area.


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