Eldon Garden Shopping Centre has been put up for sale by its owners with a £4.95m price tag - and already has a number of interested parties keen to take it on.
The Newcastle city centre mall has been put up for sale by London-based Peer Group, 22 years after it took over the complex which joins onto Eldon Square. The company has invested millions of pounds into the property over the years which, at its peak, was an upmarket destination full of aspirational brands, cafes and boutiques.
Recent years has seen the number of tenants inside the centre plummet to just a handful of operators, however, and now Peer Group has enlisted property agents Reid Birkett and Sanderson Weatherall to find new owners for the centre. Eldon Garden has 47 retail units in all, but most in the interior section are empty. Tenants in the Percy Street part of the scheme - including Tesco, The Goose pub, Hunters Estate Agents, Mode Hairdressing and Pure Gym - account for almost 80% of the £615,162 a year income.
