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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'
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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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