In the not-too-distant past the Royal Arcade's future as a major shopping destination was faltering with as many as half of its units sitting empty and footfall rapidly declining. But the historic avenue has seen its fortunes bounce back in recent years, re-establishing it as the place to be for visitors, tourists and shoppers alike. This "return to former glory" was not by mere accident, however - so how was it done? In 2021, the property world was taken by surprise by the sale of the Arcade.
The building, which was designed by renowned local architect George Skipper and opened in 1899, went under the hammer in September of that year with a guide price of just £1.25 million. The Royal Arcade is a mainstay of the city's heritage and cultural identity (Image: Newsquest) But a furious bidding war broke out, seeing this figure swell to a whopping £3.
375m. While the buyers remain a mystery , the Arcade was under new ownership for the first time in more than a decade. The buyer appointed management company LPC1 Ltd to run the lane and promised immediately that units would be filled, stores would open and shoppers would return.
In just a six-month span this year, five businesses have opened in the Arcade - e-Velo, B'Leaf, Lazy Lobster, ORA and Oshoppu. Before this, Yalm Food Hall enticed the city's foodies to the avenue with seven kitchens and four bars, transforming the Castle Street entrance and making "good use" of the largest unit within the complex. These efforts - shared ac.