The Corn Exchange Manchester is the premier location for restauranteurs in the city, according to new research from Colliers International.
The research found that the development, which is set to be relaunched this year with operators including Pho, Vapiano, Wahaca and Loungers, commands food and beverage sector leading rents of £50 per sq ft.
The analysis identified Deansgate as the preferred location for premium restaurants in Manchester, commanding rents of up to £40 per sq ft and the Northern Quarter as the preferred choice of independent restaurant operators, achieving rents of £10 to £15 per sq ft.
Premises for restaurant operators in the central business district of Spinningfields attracted rents of £35 to £40 per sq ft while those at Deansgate Locks – which boasted the highest concentration of food and beverage providers in the city - paid between £25 and £27 per sq ft.
The Corn Exchange is due to reopen in July 2015 following a £30m refurbishment by owners Aviva Investors Property Trust and Queensberry Real Estate. It will be home to 17 restaurants including several firsts for Manchester and a 114-apartment Roomzzz Aparthotel.
Colin Siebert, director licensed and leisure at the Manchester office of Colliers International, said: “Food and beverage providers are willing to pay top dollar for premises at Corn Exchange because the building is in an outstanding location and has been transformed into a centre for dining – restaurant operators want to be with other restaurant operators in order to attract more business by the creation of a circuit.
“Manchester’s licensed circuit continues to thrive with 158 of the 327 units in Manchester currently operated by food and beverage operators. The new mixed-use developments at First Street and Noma will provide further opportunities for growth in the food and beverage offering and overall, the market has never looked brighter.”
