Rumour and speculation surrounds the Market Centre, the Co-operative Insurance Society’s scheme in the heart of the Manchester’s prime shopping pitch.
Last week, H&M Hennes was tipped to be making its debut in the 7,800 sq m (84,000 sq ft) scheme on Market Street. However, local insiders are now saying that New Look has nudged Hennes off of the deal, by agreeing to pay a higher rent.
It is believed New Look has offered to pay a Zone A rent of £3,229 per sq m (£300 per sq ft) on the 4,370 sq. m (47,000 sq ft) ground floor unit. This would be in keeping with rents on the street – Footlocker recently confirmed it is paying the same rent at number 49 Market Street.
Steve Johnson of CB Hillier Parker, joint letting agent for CIS with DTZ Debenham Tie Leung, refused to comment.
However, Bob Tamberlin, investment surveyor at CIS, admitted the deal is up in the air. He told EGi: “The situation’s in flux. Nothing’s been signed at the moment. We’re expecting it to sort itself out any day now.”
EGi News 09/03/00
