The Royal Exchange, which incorporates a theatre along with 220,000 sq ft of office and retail space, has long been recognised as one of Manchester’s most iconic buildings. This week new owner Starwood, along with joint venture partner Trinity Investment Management, has confirmed it has submitted a planning application which will see the Grade II listed building undergo a significant modernisation programme.
Starwood Capital took ownership of the building last April from long standing owner Prudential and since then has enlisted Trinity IM, the asset manager for the property, into a partnership known as Trinistar Manchester.
The redevelopment project has seen big names including architects Corstaphine & Wright, interior designers from Space Invader and project manager 2110 Consult appointed to transform the property into one which will attract further occupier interest and complement the area’s historic surroundings.
Trinity IM executive director Richard O’Boyle believes that the project will help to realise the building’s potential as a modern icon of the Manchester retail and leisure scene.
He says; “As one of the city’s cornerstones it’s crucial that The Royal Exchange, a building of such stature and cultural importance, is well looked after.
“This investment will bring the scheme into the 21st century and will ensure that it retains its appeal from shoppers, theatregoers and businesses alike.”
Should the planning application gain approval, The Royal Exchange’s 120,000 sq ft of office space will be modernised and the reception area will be remodelled to create a more spacious atmosphere. Furthermore, a new roof garden will be created in order to give tenants a leisure space with stunning views over the city centre.
Yet this is only the short term plan, as Trinistar Manchester also has plans for the 100,000 sq ft of retail accommodation, The Royal Exchange Theatre itself and the Arcade linking the surrounding square to nearby Cross Street. All will be upgraded and refurbished, with the aim of attracting a range of exciting new retailers and leisure operators to Manchester.
Property consultants Canning O’Neill have been appointed as office agents for the scheme, and director James Dickinson believes that the changes will be welcomed not only by potential occupiers but by existing tenants. At present, it is believed that occupiers including Starbucks, Molton Brown, Place North and engineers Hoare Lee will remain in residence whilst the works are conducted.
Mr Dickinson says; “This building is a true mixed-use scheme and forms an integral part of Manchester’s tapestry.
“Starwood acquired The Royal Exchange last year with the clear objective of realising its potential.
“The scheme itself will benefit from the highest quality finishes with a luxurious boutique feel to the ground floor reception areas – if approved, works would start in July this year with completion scheduled for the following winter.”
