TGI Friday’s has won the race to secure one of London’s prime retail spaces.
The American-themed chain will take over the Yates’s wine bar spot on Leicester Square, which was up for grabs for the first time this century, according to the Evening Standard.
It said that landlord Criterion Capital was seeking rent of £2m a year for the 25-year lease on the corner of the square, although it is not known how much TGI is paying.
The 10,000 square feet site, which sits underneath Capital radio’s headquarters on one of London’s busiest tourist areas, will be the chain’s 70th restaurant in the UK.
The paper said that Yates’s is leaving the property later this year and that TGI saw off “fierce competition” from rival restaurant chains to secure the premises.
“We are incredibly excited to be expanding the ever-increasing Fridays family, and opening our flagship store in London’s vibrant Leicester Square,” said Karen Forrester, TGI Friday’s UK chief executive. “Well known as the UK’s centre for entertainment and fun, it was precisely these attributes that attracted us to the site. We will fit in perfectly.”
Property agents Nash Bond and Savills advised the landlord.