METROCENTRE GATESHEAD RETAIL PARK REDEVELOPMENT 100% PRE-LET

March 15, 2023

Sovereign Centros has announced that three exciting new retailers will open in a redevelopment of the former Toys R Us store at Metro Retail Park next year.

 

The demolition of the former Toys R Us store was completed in November 2022 with construction well advanced to enable retailer trading by the end of the year.

 

The development will offer 25,000 sq ft of retail warehouse space which will consist of two 7,500 sq ft stores and one of 10,000 sq ft. Set to deliver flagship furniture stores in a modern format, ten year leases on the units have been agreed with Natuzzi, who has taken the largest unit and specialises in Italian luxury and contemporary furniture, Dreams, a leading British retailer of quality beds and mattresses and NCF Living which specialises in sofas, dining and beds.

 

Despite various lockdowns between 2020 and 2021, the retail warehouse market continued to flourish throughout the pandemic and category sentiment remains strong.

 

Tom Nuttall of Sovereign Centros, Leasing and Asset Manager for the Metrocentre, 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 arrival of three new leading furniture brands clearly demonstrates that the Retail Park is the “go to” furniture location.”

 

The development will also increase cycle bay provision together with the installation of twelve new 350kW fast electric vehicle chargers on site. All twelve will be installed by Ionity and will continue to build on Metrocentre’s environmental initiative to undertake business activities responsibly and to help to protect the environment by preventing pollution.

 

The Metrocentre Partnership were advised by Sovereign Centros, Asset and Development Manager alongside leasing agents XPROP and Font Real Estate.

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