Britain's oldest shopping centre, the Royal Exchange in the City of London, has been put up for sale just four years after its last purchase. The iconic retail section is reportedly listed for £75 million, a significant increase from its previous sale price of just under £50 million in 2022.
Property Details and Current Tenants
The 51,400 square foot venue is a premier luxury shopping destination, housing prestigious brands such as Tiffany and Co, Hermès, and Fortnum and Mason. Visitor numbers rose by 12 per cent last year, with 99 per cent of the floor space occupied by retail outlets, restaurants, and bars.
Ownership History
The Ardent Companies UK, a subsidiary of an Atlanta-based asset management firm, acquired the property in 2022 from Oxford Properties as part of its entry into the retail sector. Now, just four years later, it is back on the market.
Historical Significance
The Royal Exchange was established in 1566 by wealthy merchant Sir Thomas Gresham as London's first purpose-built stock trading centre, modelled on the Antwerp Bourse. Queen Elizabeth I formally opened it in 1571, granting a royal title and an alcohol licence. In 1660, Sir Gresham added two storeys for retail outlets, effectively creating Britain's first shopping centre.
The building has a rich history, including the proclamation of King Edward VII in 1901, surviving World War II despite bomb damage during the Blitz in 1941, and its conversion into a luxury shopping and dining venue in 2001.
