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Who could have guessed that grilled chicken and chips, one of the dishes from the gastronomic wasteland that was the 1970s, would make such a sensational comeback? Today a cheeky Nandos is pretty much everyone's idea of delicious.
So how much can landlords make from hosting the grilled chicken merchants? And is it sustainable at a time when, after burger chain woes, the end of the Jamie empire, and rumours about Pizza Express, there are fears that fast-casual dining is a shrinking market? Exactly how many grilled chickens does it take to pay the rent?
Thanks to Europa Capital, landlord at Birmingham Perry Bar's One Stop Shopping Centre, we know exactly. And they seem to be gambling on the British public still loving grilled chicken in 2034.
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Nandos has committed to a new 20-year lease on a 3,649 SF unit at an initial annual rent of £82,500 with a break option at the 15th year.
With half a grilled chicken retailing at £7.60, Nandos need to sell 10,855 a year to pay the rent, before they can begin to pay their staff, in-put costs and make a profit. This could also be expressed as a rent of 2.97 halves of grilled chicken per square foot.
“Nando’s will make an excellent addition to our tenant mix at this shopping centre, as a well-known and popular casual dining option," Europa Capital Director Alex Druttman said.
"One Stop continues to perform well and is seen as a destination retail centre in north Birmingham. Casual dining offerings help increase dwell time and improve overall customer experience."
Europa Capital and Sovereign Centros were advised by Savills, Cushman & Wakefield and Wright Silverwood. RedLeaf Ltd. acted on behalf of Nando’s.
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