Thanks to movies and TV shows such as The Other Boleyn Girl and Downton Abbey, Britain’s rich history is once again attracting international attention. Visits to historic sites and stately homes are steadily on the rise with listed buildings topping the chart of curios from days gone by.
Cross Street with the Royal Exchange on the left
With this in mind, budding historians with a large bank balance may be interested in the latest commercial property to be offered by GVA’s Manchester office.
Manchester Royal Exchange has just been placed on the market by the Prudential Assurance Company – for only the second time in the property’s 200 plus year history.
With 280, 000 square feet of floor space and a central location, the property certainly has a lot to offer an individual or company with an eye for making the most of office or retail space.
As well as the famous theatre, the Manchester Royal Exchange also houses stores such as Accessorize, Starbucks, Swarovski and Molton Brown, as well as a shopping area known as the Royal Exchange Arcade which is known for its high-end luxury jewellery.
This property offers impressive yield for a prospective buyer, yet will take a sizeable £45.86 million chunk out of their bank account beforehand. Altogether, the annual rent total gained from current tenants of the building amounts to more than £3 million.
Senior director of GVA, Mark Rawstron, believes that the Grade II listed property could really benefit from an investor willing to put the time and effort into making the most of their acquisition.
He says; “The Royal Exchange is historically and architecturally one of Manchester’s most important buildings.
“It sits at the heart of the city’s prime retail core and is one of the city’s most significant sales of recent years.
“We expect high levels of interest from domestic and international investors, and we are looking forward to selling this on to a purchaser who can really exploit the full potential and enhance the value of this wonderful building.”
The property, which is located between Cross Street and St Ann’s Square, was constructed in 1729 for use by cotton traders in Lancashire. Spun yarn and finished goods were the staples of retailers operating within the Royal Exchange, thus paving the way for its retail success in the present day.
During the 1920s the Royal Exchange was one of the largest commercial properties in the world and its 11,000 members controlled almost half of all international cotton spindles.
In 1996, the building was damaged by the IRA bomb which detonated only 50 metres away in Corporation Street. Due to its listed status, however, a £32 million lottery grant was awarded to repair and rebuild the damaged areas.
The property’s location makes it an ideal retail space, as well as being able to benefit from the city centre’s booming nightlife when keen theatre goers flock to the Royal Exchange. Being only a stone’s throw from the Arndale Centre, the opportunities are endless for developing the property as a prime shopping centre, while the office space offers the ultimate in convenience for city centre workers.
With the high street in such peril at the moment, investors are choosing to take the safe path of purchasing city centre commercial space where an eager flow of consumers can be all but guaranteed. And with an existing pool of tenants, not to mention its historic pedigree, the Manchester Royal Exchange could prove to be a wise investment for anyone looking to make the most from their money.
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