As the number of leisure based redevelopments and regenerations continues to grow in the UK, one would be forgiven for thinking that new space has become less in demand and competition amongst restaurant brands has fallen. However, this is certainly not the case at the Guildhall Shopping Centre in Exeter, where owners have seen popular national brands queuing up to take on prime space within the development.
Centre owners Aviva Investors are providing the funding for a £12 million redevelopment project of the Guildhall, with work set to begin imminently on early preparatory works. By October of this year, the first phase – whereby contractors will create a new High Street entrance for the centre and also create a new retail unit – is expected to be completed.
The larger aspect of the redevelopment, which will see a new dining quarter established in the Queen Street area of the centre, will not be completed until next spring at the earliest. Yet it is this that has drawn the majority of interest from major national brands, with 60 per cent of the available units already under offer and discussions still taking place with other interested parties.
Representative of Aviva Investors, Simon Green, says; “We are on the verge of announcing the first four or five restaurant occupiers to come into the scheme, which is really exciting.
“We always knew there were regional occupiers keen to get into Exeter, but what we have been even more pleasantly surprised by is the quality and volume of regional and national restaurants who are seeking representation in Exeter.
“Most of the operators we are talking to have half a dozen or more restaurants but are still regional in nature, but we are also talking to operators who maybe only have one or two premises at the moment and Exeter is the natural place for them to expand into.”
Although the redevelopment project received planning permission in May of last year, Aviva Investors are yet to appoint a contractor to oversee the finer points of the works conducted. However, this is due to be rectified later this month, allowing work to begin on the Queen Street Dining development by spring.
In total, 10 separate units will be created in the dining quarter, with a large flagship restaurant expected to be leased by independent brand Artigiano Espresso Bars. This unit will take the place of the former Poundland store and will span two floors with an additional rooftop terrace overlooking Queen Street.
Although Artigiano Espresso Bars Ltd managing director Joe Hill emphasises that no official deal has yet been agreed, he is hopeful that the large unit will become a popular destination for diners in Exeter.
He says; “We are very excited about the prospect of opening a rooftop bar with a restaurant, outdoor terrace, views of the cathedral and a club lounge on the floor below.
“We believe this will be a welcome addition to the overall development and will further enhance the evening offer in Exeter.”
