The retail arm of London's historic Royal Exchange has been put up for sale, just four years after its last transaction. The US owner, The Ardent Companies, has enlisted agents to market the nearly 51,000 square feet of high-end retail and dining space, which encompasses the lower ground, ground floor, mezzanine, and terraces surrounding a historic covered courtyard.
Background of the Property
Ardent acquired the space—the only luxury shopping centre in the City of London—for close to £50 million from Oxford Properties in 2022. The property houses prestigious brands such as Hermes, Tiffany & Co, Boodles, Montblanc, Omega, and Georg Jensen. Ardent has declined to disclose the current sale price.
Historical Significance
The Royal Exchange boasts a history spanning over 450 years. It was conceived by Sir Thomas Gresham, whose only son Richard died in a riding accident in 1564 at age 16, leaving no male heir. Inspired to create a lasting legacy, Sir Thomas offered to finance the building of a bourse—or stock exchange—for the City of London in January 1565. He personally laid the first foundation stone a year later. The building was officially opened by Queen Elizabeth I in 1571, who named it the 'Royal Exchange'.
Over the centuries, the Royal Exchange was twice destroyed by fire: first during the Great Fire of London in 1666, and again in a massive blaze in 1838. The current building was opened by Queen Victoria in 1844. It serves as the site for royal proclamations in the City of London, including announcements of the death of a monarch and the crowning of a new one, such as King Charles III in 2022.
Recent Performance
Under Ardent's ownership, visitor numbers increased by 12% last year, and the floor space is now 99% occupied by retail, restaurants, and bars. Notably, Fortnum's Bar and Restaurant opened a new terrace last spring, alongside bar Engel by renowned restaurateur Des Gunewardena, at the front of the building.
