Member Article

GVA sells iconic address on King Street

GVA has sold 52 King Street, Manchester, to owner-occupiers, El Gato Negro restaurant, at a value of £1.36million.

Acting on behalf of LPA Receivers, GVA Manchester undertook a freehold marketing campaign of the three-floor mid-Victorian building and attracted significant interest from owner-occupiers and investors.

El Gato Negro, the Michelin Bib Gourmand tapas restaurant backed by private investors and headed up by chef Simon Shaw, will relocate from Ripponden, Yorkshire, to Manchester city centre to bring another quality restaurant concept to the city following a number of recent lettings including to London operators Hawskmoor and Iberica.

Mr Shaw commented: “The redevelopment of King Street, one of Manchester’s most iconic addresses, presents us with the unique opportunity not only to bring El Gato Negro to Manchester but to play a significant role in shaping the heart of the city.

“52 King Street is the perfect destination for us. It’s a fantastic building – inviting and airy with great ceiling heights that are so very typical of a traditional tapas bar – it feels like it was made for El Gato Negro.”

Chris Nutter, Retail Hotels and Leisure team, GVA Manchester said 52 King Street’s sale to an A3 user indicates the changing shape of the high street.

He said: “We are increasingly seeing leisure uses take traditional high street retail space and the sale of 52 to a leisure operator perfectly highlights this. On King Street, we expect further A3 users to open in 2015 as the street re-positions itself with what will hopefully create a vibrant mix of both retail and leisure occupiers.”

This was posted in Bdaily's Members' News section by GVA .