Trinistar, a joint venture between Starwood Capital and Trinity Investment Management, has secured planning consent to carry out a multi-million pound refurbishment of the Royal Exchange in Manchester city centre.
The grade two-listed building in St Ann's Square is made up of a theatre, 100,000 sq ft of retail accommodation and 120,000 sq ft of offices. The planning approval allows for the remodelling the office space, reception area and the creation a roof garden.
Work over the coming months will see an upgrade of the retail units around the building, the theatre entrances and the arcade linking St Ann's Square to Cross Street as well as the introduction of new brands.
Trinistar acquired the building in April 2014 for £45m from long-standing owner M&G Real Estate, formerly PRUPIM.
Richard O'Boyle, executive director of Trinity, said: "This is the first in a series of planning applications we will be submitting, in our bid to bring the Royal Exchange, a stunning grade-two listed building in the heart of the city, back to its former glory. With planning now approved and the project team already appointed, we will commence work on the offices in June, with completion scheduled in the first quarter of 2016."
The project team includes office agent Canning O'Neill, Tushingham & Moore, MMX Retail, architect Corstorphine & Wright, interior designer Space Invader and project manager 2110 Consult.