Restaurant chains hungry to take over Exeter's former Las Iguanas building

National restaurant chains are hungrily eyeing the Exeter city centre building where Las Iguanas closed in 2020, property experts have revealed.

Consultants at Vickery Holman have described the Queen Street building as “the best leisure unit in Exeter” and said there have been “high levels of interest from national operators” since a new lease was put on the market with a rent of £115,000 a year.

The building has been vacant for more than a year after restaurant operator The Big Table confirmed the Las Iguanas branch would not reopen following its acquisition of the brand from Casual Dining Group’s administrators.

Now Vickery Holman and Savills are jointly marketing the “substantial fitted former restaurant” and said Exeter is growing in status as a nightlife and foodie destination and the “landmark, high profile” building is in the centre of Exeter’s main thoroughfare and social scene.

“This has to be the best leisure unit in Exeter,” said Zach Maiden, commercial agent for Vickery Holman. “We’re seeing a very high level of interest already, both from national and independent restaurant groups.

“The opportunity to significantly enhance Exeter’s night life with a successful food and drink operator is very exciting and we’re expecting the unit to be agreed quickly.”

The unit comprises a fitted former restaurant on ground and first floor levels and a basement area, while the lease for offices and a flat, also part of the building, can be negotiated along with the leisure area.

Mr Maiden said: “It’s opposite Queen Street Dining, next to the train station, a stone’s throw from Exeter College and Exeter University and right at the heart of Exeter’s nightlife.

“Not only that, but the unit is opposite the new development going on at the Harlequin Centre, which will bring even more people onto Queen Street looking for high quality food and drink venues.’

He said the former Las Iguanas diner is also close to Gandy Street and the Phoenix arts and music centre and next to the highly regarded Royal Albert Memorial Museum, which attracts thousands of visitors every year.

Mr Maiden said Exeter typically sees 2.5million tourist visits every year, making Queen Street one of the most attractive streets in the city on which to have a leisure unit.

“With a student population of around 35,000, and a local population of 130,000, Exeter has no shortage of people looking to enjoy all the benefits of city life.”