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In 2018, as new owner Mike Ashley backed away from plans to close Manchester's House of Fraser department store, Bisnow noted the former Kendals store had been saved, but asked for how long? It turns out the answer was two years.
Crippled by what was originally a £4.36M annual rent bill, and by the coronavirus restrictions, Kendals always faced an uphill task. Now landlords advised by Investec, who had tried and failed to sell the block as early as 2016, are proposing its conversion to offices.
The 388K SF block at 98-116 Deansgate would be converted into 500K SF of office space, the extra being found by building offices on the site of the multi-storey car park at the rear. The designer is Sheppard Robson.
Pre-planning application consultations are now underway. The building will be more saleable with the prospect of office conversion in place.
The owners since 2007 are two Jersey-registered companies backed by loans from Investec Bank. They acquired the block for £75.9M. In 2012 they agreed to extend the terms of the lease with House of Fraser. Before variation the lease was 35 years from 2004.
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