A Newcastle city centre shopping complex is understood to have been sold to new owners, more than a year after going on the market with a £4.95m price tag. Eldon Garden Shopping Centre was put up for sale by London-based Peer Group, 22 years after the property investors bought the building adjoining Eldon Square.
The company had invested millions into the centre which attracted thousands of shoppers at its peak in the 1990s and Noughties through a mix of cafes, boutiques and prime brands including Pier, Daniel and Lakeland. Later years had seen footfall plummet as the number of tenants plunged, however. The entire complex has 47 retail units and includes Percy Street tenants Tesco, The Goose pub, Hunters Estate Agents, Mode Hairdressing and Pure Gym, which account for almost 80% of the £615,162 a year income.
Inside, however, the majority of the units in the interior section are empty. Read more: luxury hot chocolate cafe to open in Newcastle Keep up to date with all the latest breaking news and top stories from the North East with our free newsletter Now, it is understood that new owners have snapped up the building with plans to transform the interior that are believed could see the introduction of shared workspace in parts of the centre, potentially on the upper level. Temporary hoardings have been erected on the ground floor level, wrapped around the former restaurant and cafe area and half of the shops, all of which are empty.
The centre was marketed by property agents.