┬ú45m Price Tag for Historic Manchester Landmark
The curtain falls on Prupim as Manchester’s treasured Royal Exchange Theatre building goes on the market.
The office space and commercial property market is packed with architectural treasures. From the listed buildings that grace Liverpool’s famous waterfront, to the famous skyline of London – home to such modern-day icons as the Shard, the Gherkin and One Canada Square – office space comes in a fascinating array of shapes, sizes and structures.
One such architectural treasure that’s claiming the news headlines this week is Manchester’s historic Royal Exchange building. For only the second time since it was built in 1729, this Grade II listed gem is up for sale. It has been put on the market by owners Prupim with a price tag of ┬ú45m, and due to its annual rent roll of just over ┬ú3m, property agency GVA says they are expecting “high levels of interest”.
“The Royal Exchange is historically and architecturally one of Manchester’s most important buildings,” said GVA’s Mark Rawstron. “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.”
Primarily home to the famous Royal Exchange Theatre, the property features retail and office space with such high-profile tenants as Molton Brown, Moss Bros, Starbucks, Accessorize, Whittard and Swarovski. It’s also home to the quirky Royal Exchange Arcade, a speciality arcade with a focus on jewellery and accessories.
It features 280,000 sq ft of mixed-use business space across a total of 1.7 acres, and a fascinating history spanning 284 years.
Originally an important site for cotton trading, The Exchange once boasted the title of largest commercial building in the world. It was heavily damaged during the Manchester Blitz in the Second World War, and again in 1996 when an IRA bomb exploded just 50 metres away. A ┬ú32m National Lottery grant helped restore the building and nurse it back to its former glory, before it was re-opened by Prince Edward in November 1998.
GVA describe it as a “wonderful building” with plenty of potential, and the same can be said for thousands of other historic and treasured buildings across the UK.
The serviced office industry is home to a stunning collection of historic office buildings, and it’s what makes the sector such a diverse and fascinating part of the commercial property market. Manchester in particular is packed with spectacular buildings each boasting an important heritage, especially the many mill and factory buildings which exist as mementoes of the region’s important industrial past.
Find out more about serviced office space in some of the UK’s most quirky and beautiful office buildings online at www.officebroker.com.