Gateshead, The Metrocentre

Retail Asset Management | Sovereign Centros
Asset management of the second 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
  • c.2 m sq ft of lettable space across Metrocentre (UK’s second largest shopping centre) and Metro Retail Park
  • c.300 stores anchored by Primark, Marks & Spencer, Zara, Next, H Beauty, Flannels, Sports Direct, JD Sports & Odeon
  • c.10,000 car parking spaces and 15 million visitors annually

Business Plan & Achievements

Following the demise of Intu, Sovereign Centros were appointed as the Asset & Development Managers on behalf of The Metrocentre Partnership to implement a new Business Plan for the shopping centre and retail park.

The Business Plan has since accomplished several key initiatives including the successful re-anchoring of the Centre following the opening of Flannels, Sports Direct and Everlast Gyms in the entirety of the former Debenhams store and H Beauty within the former House of Fraser store. Also, the upsizing of key retailers like Zara, Primark, H&M and JD into significant flagship stores.

Over 220 transactions have occurred since Q4 2020.

In excess of 900,000 sq ft of new or refurbished space has been committed to since Q4 2020, highlighting retailers ongoing commitment to the Centre.

Alternative uses, such as state-of-the-art health and wellbeing facilities, have been introduced as part of the ongoing strategy to reposition key areas. The most recent addition is the NHS Community Diagnostics Centre (CDC) in part of the former House of Fraser store. The CDC is due to open in Autumn 2024 and will undertake c.145,000 appointments per annum.

Market leading ESG initiatives have been implemented, including the development of dedicated solar and EV charging infrastructure. The £3.1m investment has reduced the Centre’s grid dependency by c.22%.

The forthcoming Business Plan will continue to focus on delivering a proactive leasing strategy, including the introduction of new retailers and the repositioning of certain areas for alternative uses where appropriate.

A masterplan for the entirety of the estate continues to progress which will futureproof the asset’s dominant position for the long term.