41-51 Royal Avenue, also known as the 'Deramore Building', is a 4 and a half storey (4 regular storeys, 1 attic storey) building of brick and stucco, with paneled parapet broken up by flat topped dormers and was constructed c.1885. The building was previously in use as office accommodation to the upper floors however is currently vacant with retail accommodation at ground floor split into three units.

41-51 Royal Avenue has been Listed by HED (previously NIEA) as 'Bl' and has such has been recognised as being of Regional Significance. The reference No. is HB 26/50/227.

In September 2017, PG Ltd submitted a planning application (LA04/2017/2213/F) proposing partial demolition, 5 storey rear extension and refurbishment to provide retail uses at ground floor level and office accommodation to the upper floors. This application is part of Phase 1b of the wider Royal Exchange project, now known as Tribeca (LA04/2017/2126/F) which is led by Castlebrooke Investments.

The proposals seek to provide high quality retail units with a proposed new extension to the rear of the block - separated by an atrium to provide natural ventilation and a shared cover space between the two buildings from the second floor onwards.

In March 2024, PG Ltd submitted a planning application (LA04/2024/0428/F) seeking renewal of planning permission LA04/2017/2213/F for the partial demolition, 5 storey rear extension and refurbishment to provide retail uses at ground floor level and office accommodation to the upper floors. An application was also submitted seeking to renew planning permission for the wider Tribeca masterplan (LA04/2024/0429/F).