One of the most prominent buildings in Manchester is set for a makeover as part of a £15 million redevelopment scheme.

The Corn Exchange, which sits near to Manchester Victoria station, Manchester Arena and The Printworks, will be transformed into a "top dining destination" once work is complete. Owners Aviva Investors have enlisted Queensbury Real Estate to take on the development which will see the creation of 12 new and independent restaurants and food retail outlets.

It is currently known as the Triangle but since its revamp in 2000 it has struggled to attract and keep the brands that would make it a premier shopping complex. This change of use is expected to create major stimulus for the Grade-II listed building that was badly damaged during the IRA bombing in 1996.

Officials behind the plans explained that the reshaping of the famous building will help to attract more visitors coming into the city centre. It also goes hand-in-hand with the continued improvement of Manchester.

The area where the Corn Exchange is situated is going through or has undergone major changes of late. The Arndale shopping mall has seen extensive renovation, Urbis is now home to the National Football Museum and Manchester Arena will soon be the Phones4U Arena under a new rebrand.

Simon Green, Aviva associate director, said: "The building [Corn Exchange] is iconic, it is in a fantastic location, it is surrounded by other footfall locations and leisure destinations, and we feel we have the vision to create a premium dining destination."

Around 100,000 sq ft of dining space will be made available accommodating 12 restaurants and 30,000 sq ft for a food market. Aviva has already submitted plans and a decision is expected to be made by October. If all goes to plan, work could begin at the beginning of next year with a completion date earmarked for Christmas 2014. Just in time for the annual Christmas market which take place across the city.

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