InfraRed Capital Partners and their Asset Managers Sovereign Centros, have signed The Botanist and Mowgli for their new restaurant quarter at St George’s Shopping Centre in Preston.
Work is already underway on the new 28,000 sq ft restaurant quarter, which will create five leisure units fronting Friargate, ranging from 3,000 sq ft to 10,000 sq ft.
Botanical cocktail specialist The Botanist has signed a 15 year lease on 10,000 sq ft to anchor the scheme. The popular bar and restaurant – which also offers live music – now has nineteen units across the UK. The brand originated in the North West and is owned by Graphite Capital.
Chris Hill, CEO at The Botanist (NWTC), commented: “The exciting development of St Georges and the sense of community in Preston aligns with our wider brand vision, making it the ideal next home for us. We take our role in the community seriously and we can’t wait to be part of this city.”
Mowgli has signed a 15 year lease on 3,400 sq ft and will open alongside The Botanist in Autumn 2020, when the new restaurant quarter is completed. The street food restaurant was established by Barrister Nisha Katona in 2014, inspired by the often vegan and healthy food Indians eat at home. The company was placed in The Sunday Times Fast Track 100 list in 2018 and this year Nisha was recognised in the New Years Honours List.
These latest deals follow on from a major letting to Matalan earlier this year, which secured a new anchor for the 284,000 sq ft shopping centre. The retailer is opening a 26,000 sq ft flagship store this month.
Keith Butcher, Director, Real Estate at InfraRed Capital Partners comments, “Creating a new restaurant quarter and attracting a major new anchor for the scheme were our two key priorities for St George’s. We couldn’t be happier to have secured such high quality operators as The Botanist and Mowgli. Both have a very loyal following and will bring something new and exciting to Preston.”
St George’s is located between Preston’s two main shopping streets Fishergate and Friargate. The centre has its own 400 space multi-storey car park accessed from Lune Street and radiates around a large circular glass-roofed rotunda, occupied by Costa Coffee. Tenants include H&M, M&S, New Look and River Island.
Tom Powell from Metis Real Estate advises Sovereign Centros.