UK's oldest shopping centre on sale for £75million just four years after it last changed hands

The Royal Exchange, opened by Queen Elizabeth I in 1571 in the City of London has been listed for sale at a reported £75million

Britain's oldest shopping centre has been put up for sale, just four years after it was sold for millions of pounds.

The iconic retail section of London's Royal Exchange has been put on the market for a reported £75million. The property previously changed hands for just under £50million in 2022.

The Ardent Companies UK, a subsidiary of the Atlanta-based asset management firm, bought the property in 2022 from Oxford Properties in a move to enter the retail sector.

The 51,400sq ft venue is a major luxury shopping destination and houses prestigious brands including Tiffany and Co, Hermès and Fortnum and Mason.

Visitor numbers at the site rose by 12 per cent last year, with 99 per cent of the floor space taken up by retail outlets, restaurants and bars, reports the Express.

The Royal Exchange was established as London's first purpose-built stock trading centre in 1566 by wealthy merchant Sir Thomas Gresham. It was modelled on the world's oldest financial exchange, the Bourse in Antwerp.

In 1571, The Royal Exchange was formally opened by Queen Elizabeth I, who granted it a royal title and a licence to sell alcohol. In 1660, Sir Gresham expanded the original trading floor by constructing two additional storeys, which were dedicated to retail outlets - essentially creating Britain's first ever shopping centre.

The structure has a fascinating and eventful history, from the proclamation of King Edward VII in 1901 and its endurance throughout World War II - despite suffering damage from bombing raids during the Blitz in 1941 - to its conversion into a premium shopping and restaurant venue in 2001.