The value of Eldon Square shopping centre has plummeted yet again, it has emerged.
It has been a devastating few years for the Newcastle city centre site, with former majority owner Intu going bust and major tenant Debenhams shutting down its store as the retail industry suffered during the Covid pandemic. And latest estimates now suggest that its troubles are continuing, though it can also be revealed that five leisure operators have made offers for the vacant department store.
The Local Democracy Reporting Service told in 2020 how Newcastle City Council’s 40% stake in Eldon Square had seen more than £50m wiped off its value, falling from £145m to £93m. But a report presented to councillors on Friday reveals that auditors now rate the council’s share at just £29m – five times smaller than it was just a few years ago.
