Manchester solicitors advise on new Subway development

9th July 2010, 10:03am

Manchester-based law firm, Glaisyers Solicitors LLP, has advised Black Horse (Manchester) on the £170K development of a new Subway drive-through restaurant in Trafford Park.

Glaisyers advised on the whole process from site acquisition through to submission of planning permission and preparation of the agreement for lease. It also advised on the provision of funding by Co-operative Bank and a private equity funder. The 1,300 sq ft restaurant on Village Way was previously a petrol station.

The drive-through and restaurant format represents a new concept for the Subway brand and will be operated by Made to Order Ltd who currently operates over 30 Subway franchises in the North West.

Speaking on the deal, Eric Quirk, retail partner at Glaisyers, said: "Commercial development of retail sites is a relatively new area for Glaisyers and one that seems to be a growing trend generally.

"We have traditionally done lots of work for retail sites in shopping centres but conversion of smaller, satellite sites such as pubs and petrol stations is on the increase as they fail to be an attractive proposition to larger developers in this challenging economic climate. They remain attractive to smaller investors as they can afford to buy the finished product, often without funding.

"The finance market is tough at the moment but there is still an appetite for good quality investments, especially on completion. We are continuing to work with Black Horse on future retail developments, predominantly in the food sector."

Mark Prior, managing director, Black Horse (Manchester), added: "This is a new venture for the Subway brand who has not exploited the drive-through format to the extent of McDonalds or KFC.

"I have over 25 years' experience in developing retail sites and am seeing a growing appetite from the retail and food sectors for the provision of good quality, completed developments.

"Location remains the key factor to survival in this sector and its proximity to a certain 'Theatre of Dreams' may prove to be a key factor in its future prosperity."

The lease will run for a minimum of 15 years. Principal finance for the deal was provided by the Co-operative Bank.

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