Council bosses could try to buy Eldon Square, it has emerged.
The city centre shopping mall’s future has been thrown into doubt over the past few years, with its value plummeting and key tenants including Debenhams shutting down as the Covid pandemic wreaked devastation on the retail industry. There has been talk of converting parts of the shopping centre into flats or that empty units could be repurposed to host cultural exhibitions and other activities.
But the prospect of Newcastle City Council taking control over the site has now been mooted. The local authority already has a 40% stake in Eldon Square, the value of which plummeted from £145m to just £93m in 2020.
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