London's Royal Exchange Retail Space Listed for Sale by US Owner
The Ardent Companies seeks to sell its nearly 51,000 sq ft high-end retail and dining space, four years after acquiring it for close to £50 million.
The retail and dining portion of London's historic Royal Exchange has been placed on the market by its US owner, The Ardent Companies. The nearly 51,000-square-foot space, which includes luxury retail and dining establishments across multiple levels surrounding a central courtyard, was acquired by Ardent in 2022 for approximately £50 million. The firm has now hired agents to facilitate its sale.
The Royal Exchange currently hosts a number of high-end brands such as Hermes, Tiffany & Co, Boodles, Montblanc, Omega, and Georg Jensen. Ardent has not disclosed the current asking price for the property.
Under Ardent's ownership, the Royal Exchange reportedly saw a 12% increase in visitor numbers last year. The retail space is currently 99% occupied by a mix of retailers and restaurants and bars, with recent additions including Fortnum's Bar and Restaurant with a new terrace, and Engel bar.
The Royal Exchange boasts a rich history spanning over 450 years. Its origins trace back to Sir Thomas Gresham, who, following the death of his son, was inspired to finance the construction of a bourse for the City of London. Queen Elizabeth I officially opened the original building in 1571 and named it the 'Royal Exchange'. The landmark has faced destruction by fire twice, first during the Great Fire of London in 1666 and again in 1838. The current building was inaugurated by Queen Victoria in 1844.
Historically, the site has served as a significant hub for commerce and public announcements in the City of London, including royal proclamations. It has also been home to institutions such as the Lloyds insurance market and the London International Financial Futures Exchange.