The awarding of a Michelin star to a provincial restaurant can bestow cachet, distinction and recognition — not to mention keep the doors open. But according to a new survey by estate agent Knight Frank, it might have wider-reaching benefits — such as boosting local house prices.
Building on research that the agent carried out for the Financial Times in 2013, which examined the impact of Michelin-starred restaurants in London, Knight Frank has compiled a list of 29 top eateries outside the capital and compared the house price growth within a 5km radius against their wider local authorities.
To qualify, there needed to be at least 6,000 sales surrounding the restaurant in the year following the award — and, in some cases, the uplift was calculated at being more than 5 per cent. So should investors be rushing out to follow the next Michelin Guide? Well, not exactly.