Former Gateshead Toys R Us pre-let to three retailers
A former Toys R Us store at Metro Retail Park in Gateshead is due to take on three new tenants, following the site’s redevelopment.
The development will create two 7,500 sq ft stores and one 10,000 sq ft unit, delivering a total offering of 25,000 sq ft of retail space.
Ten year leases for each of the units have been agreed with Natuzzi, who has taken the largest unit, as well as fellow furniture retailers Dreams and NCF Living.
Retail parks have continued to thrive following the Pandemic with many high street shops and shopping centres being forced to close.
The development will also see the increase in cycling bay provisions as well as the installation of twelve new on-site electric vehicle chargers, which will be installed by Ionity. In February, EV charging arrived at the nearby Metrocentre shopping centre.
Tom Nuttall of Sovereign Centros, leasing and asset Manager for Metrocentre and Metro Retail Park, said: “The demolition of the former Toys R Us store to make way for a newly designed, contemporary terrace is a significant moment in our strategy as we continue to establish the shopping centre and retail park as the leading shopping destination for the North East.”
The Metrocentre Partnership was advised by Sovereign Centros alongside leasing agents XPROP and Font Real Estate.