The Royal Quays Outlet shopping centre in North Shields has been put up for sale following the appointment of receivers.
The North Tyneside shopping centre is now on the market with a £4m price tag, after Daniel Hardy and Peter Loveday of commercial property consultancy Sanderson Weatherall LLP were appointed as receivers over the centre. A spokeswoman confirmed they have been appointed to manage the centre and its lettings by a bank, which has not been named, as mortgagees.
Property experts at both Sanderson Weatherall and Knight Frank are now jointly marketing the 137,500 sqft property - which has 55 units and more than 600 car parking spaces - to find a buyer. The receivership comes 17 years after the centre was acquired by WD Limited in conjunction with US investors for an undisclosed sum. Under the new ownership, the managers sought to position Royal Quays as a unique "destination" outlet centre, attracting a new and younger shopper demographic which it said led to a notable increase in sales.
