Morgan Leahy property investment group
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.