The joint venture behind the multi-million pound regeneration of Manchester’s Royal Exchange has been given permission to press ahead with the scheme.
Trinistar Manchester — a collaboration between Starwood Capital and Trinity Investment Management — has confirmed it will now submit further planning applications to improve the 100,000 sq ft of retail accommodation around the Grade II listed building. It also wants to revamp the theatre entrances and the historic arcade linking St Ann’s Square to Cross Street.
Now that city planners have given the green light, Trinistar can start work on creating 120,000 sq ft of office space and new roof garden. “This is only the first phase of our bid to bring The Royal Exchange, a stunning Grade II listed building in the heart of the city, back to its former glory,” commented Richard O’Boyle, an executive director at Trinity IM.
He said that with the project team already appointed, work would commence on the office scheme next month with completion scheduled for early 2016.
James Dickinson is a director at the scheme’s office agents Canning O’Neill. “This is a landmark building and we have already had a high level of interest in the office space, thanks to the location, large floor plates and quality of the proposed offer,” he said.
“The office scheme will benefit from the highest quality finishes with a luxurious boutique feel to the ground floor reception areas. This will be something very special for Manchester.”
The project team includes leading retail consultants Tushingham & Moore, MMX Retail, architect Corstorphine & Wright, interior designer Space Invader and project manager 2110 Consult.
Trinistar acquired the building in April, 2014, for £45m from long-standing owner M&G Real Estate, formerly PRUPIM. As well as being home to a 700-seat theatre, the building’s other tenants include beauty products retailer Molton Brown, Starbucks, online trade news site Place North West, M&E engineers and consultants Hoare Lea.
At the time of the acquisition, O’Boyle said: “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, theatre goers and businesses alike.”
The Royal Exchange was heavily damaged in the Manchester Blitz and in the 1996 Manchester bombing. The surviving building is the last of a complex of offices on the site once used as commodities exchanges.
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