£4m price tag for North Shields shopping centre after receivers appointed
Royal Quays Outlet Centre in North Shields has been put on the market for £4m following the appointment of recievers.
Daniel Hardy and Peter Loveday of commercial property consultancy Sanderson Weatherall have been appointed to manage the centre and its lettings, a spokesperson said.
The 137,500 sq ft property has 55 units and over 600 car parking spaces, with anchor tenants including Costa, Next, Poundland, Clarks, Mountain Warehouse, and Trespass.
Sanderson Weatherall are jointly marketing the scheme with Knight Frank, which says the property represents a “significant repositioning opportunity through an active letting strategy and potential for
further development opportunities on the existing site”.
Marketing material for the centre says the site has an annual net income of £464,024 and a net estimated rental value of £957,686.
The site, constructed in 1996, was acquired in 2006 by WD Limited and US investors for an undisclosed sum. Under this management, the scheme was positioned as a “unique outlet centre” with the aim of attracting a new and younger consumer demographic.