Jigsaw has signed the first major letting deal at Frogmore’s Triangle in Manchester, the former Corn Exchange which was badly damaged by the IRA bombing in 1996.
The letting also fires a warning across the bows of King Street, Manchester’s traditional upmarket retail stronghold where Jigsaw already has two stores.
Pied a Terre and Space NK Apothecary, which has a store in the Trafford Centre, are tipped to be in advanced talks at the Triangle.
Frogmore’s Joe Malvisi said: “Negotiations are advancing well and we expect to announce further lettings shortly, many of which will be retailers new to Manchester”.
Jigsaw took an 1,020 sq m (11,000 sq ft) anchor store on the corner of Exchange Square and Cathedral Street. The store will be the retailer’s UK flagship and have its first café.
Zone A rents at the Triangle are thought to be around £100 to £110 which seriously undercuts King Street where top rents average £220 Zone A. Frogmore is also pitching the Triangle at upmarket lifestyle retailers, the likes of which usually wind up on King Street.
The Triangle is close to the Prudential’s Shambles West shopping centre, which is currently in advanced talks with Harvey Nichols. If Harvey Nicks signs at Shambles West, it will further shift the prime retail pitch towards that end of the city centre, according to one retail agent.
Letting agents at the Triangle are Carter Wassell Murdoch, Hamilton Glen and Lambert Smith Hampton. Orme Associates acted for Jigsaw.
EGi News 14/07/99
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