The retail arm of London's historic Royal Exchange has been put up for sale, just four years after it last changed ownership. The US-based owner, The Ardent Companies, has enlisted agents to market the nearly 51,000 square feet of high-end retail and dining space. This area encompasses the lower ground, ground floor, mezzanine, and terraces, all surrounding a historic covered courtyard.
Background of the Property
Ardent originally 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 asking price for the current sale.
Historical Significance
The Royal Exchange boasts a rich history dating back to 1571. It has been destroyed twice by fire, first during the Great Fire of London in 1666, with the current building inaugurated by Queen Victoria in 1844. This iconic site is where royal proclamations are made in the City of London, including announcements of a monarch's death and the crowning of a new sovereign, as was the case for King Charles III in 2022. Over the years, the Royal Exchange has also housed the Lloyds insurance market and the London International Financial Futures Exchange.
Recent Performance
Under Ardent's stewardship, the site experienced a 12% increase in visitor numbers last year. The retail and dining spaces are now 99% occupied, with a variety of restaurants and bars. Notably, Fortnum's Bar and Restaurant opened a new terrace in spring last year, alongside bar Engle by renowned restaurateur Des Gunewardena, located at the front of the building.
