The station was built by the London and North Western Railway (LNWR) and opened on 30 June 1884. It had five platforms with Nos. 1 and 2 being terminal and 3,4 and 5 being through roads. Nos 4 and 5 were reached by a wide footbridge. From 1929, Exchange had a platform link with the adjacent Manchester Victoria station, with platform 3 being extended eastwards to meet Victoria's platform 11. This created Europe's longest platform at 669 m(2194 ft).
The rather austere station frontage was in an imposing position at the end of an approach road which rose from Deansgate, crossing the Irwell river. The view of the cathedral and city down this road for an arriving passenger was impressive.
Exchange station served Liverpool Lime Street; Huddersfield; Leeds City; Hull Paragon and Newcastle Central; also Warrington Bank Quay, Chester General and North Wales. Local LNWR passenger trains operated via Walkden to Bolton Great Moor Street and via Tyldesley to Wigan North Western. It originally provided alternative services to London. Between 1884 and 1943, the Great Western Railway operated a service from Chester General station via Warrington Bank Quay to Manchester Exchange.
The station suffered heavy bomb damage during the Christmas 1940 Manchester Blitz. This severely damaged the roof, portions of which were never replaced. It was closed on 5 May 1969 and all remaining services were redirected to Manchester Victoria.
The site is now occupied by a car park but remnants of the footbridge and platforms can still be found.
By Road: Adjacent to Victoria Station and accessed up Cathedral Approach from Deansgate.
By Rail: It is adjacent to Victoria Station.
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