Gateshead, The Metrocentre

Retail Asset Management | Sovereign Centros
Asset management of the 2nd largest shopping centre in the UK. Sovereign Centros are working with The Metrocentre Partnership to implement a vigorous new business plan.
  • One of the UK's 8 super regional shopping centres
  • 2.1 million sq ft of lettable space across The Metrocentre (UK’s second largest shopping centre) and Metro Retail Park
  • 400 stores anchored by Primark, Marks & Spencer, Zara, Next, Boots, H Beauty, River Island, JD Sports and Odeon
  • 10,000 car parking spaces and 20 million visitors annually

Business Plan & Achievements

Following the demise of intu, Sovereign Centros were appointed the Asset and Development Managers on behalf of The Metrocentre Partnership to implement a new business plan for the shopping centre and retail park.

The focus of the plan is a proactive leasing campaign, seeking solutions to former department store space, upsizing of existing successful traders and reconfiguration/repositioning of certain key areas of the centre, introducing a new mix of uses to build on the dominant brand which the centre commands.

Recent lettings include H Beauty (part of the Harrods group), Jo Malone, Hobbs, Miniso, Wingstop, Popeyes, Grounded Kitchen, Kids Cavern, Tapas Revolution, Vanilla, LIDS, Suit Direct and Carvela. Major upsizes in 2022 – JD Sports, H & M, Schuh and signings for new flagship stores to open in 2023 – Flannels, Sports Direct, Zara.

A refreshed marketing strategy and rebranding process has been successfully implemented.

A masterplan for the entirety of the estate is being worked up which will future proof the asset's expansion for the long term.