Royal Exchange changes hands for £45m
MANCHESTER’S Royal Exchange has been sold to a joint venture of Starwood Capital and Trinity Investment Management close to an asking price of £45m.
The grade II-listed building in Cross Street covers 280,000 sq ft and is home to the Royal Exchange Theatre as well as offices, retail units and a shopping arcade.
M&G Real Estate, formerly PRUPIM, put it on the market in January 2013.
Mark Rawstron, senior director at GVA which was handling the sale, said: “It’s a Manchester landmark of true scale and it’s got massive historical importance in the city. I think it could be classed as a career highlight for me. It’s not the biggest deal but certainly one of the most interesting given the historical importance – it was the centre of trade in the city.
“It lends itself to offices, residential or a hotel and the new owners will be working with the city council to develop a plan that gets the best of the building. It’s the sort of building you don’t rush into. The plan will evolve.”
The 107,000 sq ft office element could be converted into a hotel or apartments. Tenants include Moss Bros, Starbucks, Accessorize, Whittard and Swarovski who contribute to an annual rent roll of £3m.
Starwood is a US-based investor while Trinity is based in London.
