Trinistar Manchester, a joint venture between Starwood Capital and Trinity Investment Management, has submitted a planning application to undertake a major refurbishment of The Royal Exchange, one of Manchester’s most iconic buildings, located in the heart of the city centre.
Asset managed by Trinity Investment Management (Trinity IM), the Grade II listed building, located on St. Ann’s Square, comprises a national theatre, 100,000 sq ft of retail accommodation and 120,000 sq ft of office space. It is home to occupiers including Molton Brown, Starbucks, Place North West and M&E engineers, Hoare Lea.
The application includes proposals to remodel the office space, reception area and to create a new roof garden. Future plans, over the coming months, would see an upgrade of the retail units around the building, The Royal Exchange theatre and the ‘Arcade’ linking St Ann’s Square to Cross Street as well as the introduction of exciting new retailers to Manchester.
The announcement comes after Starwood acquired the building in April last year from long-standing owner Prudential. Since then, the project team, including Manchester property consultants, Canning O’Neill, Tushingham & Moore, MMX Retail, architects Corstaphine & Wright, interior designers, Space Invader and project manager 2110 Consult has been appointed to transform the scheme into a space which will attract new occupiers whilst complementing its historic surrounds.
Speaking about the planning application, Richard O’Boyle, executive director at Trinity IM 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, theatregoers and businesses alike.”
James Dickinson, director at Canning O’Neill, office agents for the scheme, said: “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.”
