North Tyneside’s Royal Quays shopping centre sold out of receivership
The Royal Quays shopping centre in North Shields has been sold out of receivership to new owners in a £3.25m deal.
The new owner of the 137,500 sq ft outlet centre is understood to be Blackburn-based property firm EP Group, owned by Zakir Issa, brother of the petrol forecourt giants Mohsin and Zuber, who own EG Group.
The centre was purchased 17 years ago by property developer WD Limited alongside American investors, with a view to position the scheme as a unique outlet centre and attract a new and younger audience, which it said had led to an increase in sales.
Over the last few years, the centre has made a number of changes as it looked to navigate through the Pandemic. In 2022, Royal Quays announced plans to bring more independent retailers to the scheme including first-time start-ups as a means of drawing in more shoppers. A “marketplace” plan was also created, to create a destination akin to Newcastle’s Grainger Market.
According to the scheme’s website, it was hinted that Royal Quays could undergo a name change.
The new owners may make use of planning permission previously granted in 2022 to create a four additional industrial units to the south of the site, as well as outline planning permission which can be utilised to create a two-storey 70-bedroom hotel.
Sanderson Weatherall, which was appointed as receivers for the centre, represented the vendor alongside joint agents Knight Frank.