Historic Shrewsbury hotel secures 15-year lease on restaurant
A restaurant unit in the heart of Shrewsbury, owned by the same team as the historic Prince Rupert Hotel, is due to open imminently as a specialist Japanese eatery following several years during which it has stood empty.
Legal advice on the lease was provided by Charlotte Nutting of FBC Manby Bowdler’s commercial property team.
Formerly the “La Trattoria” Italian restaurant on Fish Street, the unit has been owned by Mike Matthews, owner of the nearby Prince Rupert Hotel, for over 20 years. It has, however, stood empty since 2012 and with the economic downturn, Mike felt it unwise to launch another restaurant until the market had picked up and stabilised. He explains:
“When the unit was run as La Trattoria, we had a larger than life character at the helm and this helped enormously in maintaining the success of the business. Simply, without him the options for a successful business when the market was experiencing a downturn were less favourable.
“Shrewsbury has, however, enjoyed considerable growth in its night-time and hospitality economy in recent years and when we decided to once again let the Fish Street site, we secured a new tenant very quickly.”
The marketing of the site was managed by Toby Shaw of Taylor Shaw Roberts who secured a 15-year lease with a tenant who already runs a Japanese restaurant in London and 12 across Japan.
The unit is now undergoing a thorough re-fit which will see it dramatically transformed before its relaunch.
Commenting on the new lease and vibrancy of the restaurant scene in the county town, Shrewsbury-based solicitor, Charlotte Nutting said:
“In recent years, Shrewsbury has grown in to a first-class destination offering restaurants and bars that easily rival the very best UK cities. It is, therefore, hugely gratifying to have worked with Mike and Toby to agree the details of the new lease on this prime location unit.
“The new lease holders were especially keen to make their first UK investment outside of London in Shrewsbury given the unique character of the town and made clear that they wanted to make a long-term commitment to the area.”
Whilst it’s unusual for independent restaurant operators to express a lasting interest in a new location, the lease negotiations were all straight forward and as Mike adds, he had every confidence in the FBC Manby Bowdler team:
“I’ve known Charlotte and her team for many years and always turn to them for my property needs – both business-related and personal. They provide sensible, honest advice and are very responsive to my needs. Indeed, I am now looking at engaging them on some HR and personnel needs that I have through my business at the Prince Rupert. Quite simply, this demonstrates my confidence in them handling my legal needs other than just those relating to property.”
Once the new restaurant is launched, it is anticipated that it will create at least ten full and part-time jobs.
For more information please contact Charlotte Nutting in our Commercial Property Team on 01743 266280 or email firstname.lastname@example.org
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