First tenant for The Rylands, Manchester

• Street food venue Market Place Food Hall begins northern expansion with 1,300 sqm space on the ground floor of Rylands in Manchester
• Long-term lease agreement for 15 years
• Landmark redevelopment transforms iconic Rylands building into vibrant mixed-use destination
   

Munich, Manchester, 1 July 2025. AM ALPHA, a global family office for real estate investments, has reached another key milestone in the transformation of Rylands, a landmark building in the heart of Manchester. The company has signed its first retail tenant, securing iconic London Food Hall Market Place for a long-term lease on the ground floor, marking an essential step in the repositioning of this historic property and the first step in Market Place Food Hall’s ambitious northward expansion.

Indoor food venue, Market Place is renowned for its socially focused street food venues across the capital and hosts a wide range of flavourful, vibrant food choices from around the world. The popular street food collective has committed to a 15-year lease covering approximately 1,300 sqm. 

With five existing locations across London - including Peckham, Vauxhall, and the newly opened site in St Paul’s - the new site at Rylands represents the brand’s first venture outside the capital, underscoring its ambitions to expand in the North of England and bring its signature flavours northward.

“Market Place chose to commit to Rylands nearly two years ahead of completion, which is a strong signal and a clear vote of confidence in the quality and ambition of our vision,” says Paul Hodgkiss, Senior Project Manager at AM ALPHA. “Securing such a lease at this early stage of the refurbishment underscores the appeal of the scheme and demonstrates that we are setting a new benchmark for mixed-use urban developments, not only in Manchester but across the UK.”
 

Revitalising a Manchester icon

The Grade II listed building, formerly home to Debenhams, is undergoing a comprehensive redevelopment. Since 2023, AM ALPHA has been transforming the site, including a complete refurbishment of the original structure, conversion of the upper floors into premium office space, and the creation of a retail arcade at ground level.

The scheme also includes a new four-storey extension, bringing the total number of floors to ten upon completion. Once finished, Rylands will offer high-quality office accommodation, retail space, and a leisure area focused on food and beverage. The 46,000 sqm development has been designed with sustainability in mind and aims for post-completion certification to BREEAM Excellent and NABERS 5* standards.

“Manchester is a city with a vibrant cultural scene – the perfect environment for forward-thinking concepts like Market Place Food Hall,” explains Paul Hodgkiss. “And the early commitment to Rylands is no coincidence: it reflects the strength of our strategic and forward-looking approach to development. We are not just creating high-quality space – we are setting new standards for urban mixed-use concepts. Interest from further prospective tenants is strong.”

Blake Henderson, Managing Director of Market Place says “Rylands represents the perfect location for Market Place to open the doors to its first northern food hall. At the heart and hub of the city, it blends tradition and culture with the changing tastes of food, with socialising at the core. We’re excited to start work and welcome our first customers through the door.”

Barker Proudlove advised leasing. The main contractor for the redevelopment is Domis. Completion is scheduled for late 2026.
 

About AM ALPHA
AM ALPHA is a Munich-based, privately owned real estate family office that focuses on global investments in prime real estate on its own account and in collaboration with family offices, private clients, and endowments in Europe and Asia. The company is represented in Europe in all major real estate markets with its own offices. Its Asian operations are headquartered in Singapore, with offices in the gateway cities in the Asia Pacific region. AM ALPHA has also received all necessary licenses from German regulator BaFin, acting as a German-regulated capital management company (Kapitalverwaltungsgesellschaft – KVG) and Alternative Investment Fund Manager (AIFM). The real estate firm is currently managing a substantial Asia Pacific and European portfolio.

About Market Place: 
Market Place is London’s fastest-growing food hall and bar with venues across St. Paul’s, Vauxhall, Harrow and Peckham, with a new site opening in St Paul’s this May. Since bursting onto the London food scene in 2020, Market Place has built a name among foodies thanks to its eclectic array of carefully curated independent street food vendors. Market Place is home to some of the UK’s top street food brands, as well as an exciting calendar of events, from live music events and killer DJ sets to pop-ups and regular quiz nights. Market Place is part of the Blue Light Card programme at their Harrow site as a token of appreciation for all their hard work.