One of the country's biggest shopping centres has been put up for sale, ahead of a major redevelopment. The owners of the Metrocentre in Gateshead have confirmed the centre has been put on the market to "support the next phase of its development", which includes plans to build thousands of homes around the site. Reports suggest Frasers Group - owned by former Newcastle United owner Mike Ashley - is in talks to buy the shopping centre, but the company has declined to comment on any potential interest. The company said it had invested £60m in the centre since 2020, which had helped increase footfall to 16 million for the first time since the pandemic. A target sale price has not been made public, but the centre is expected to fetch upwards of £500m. The Metrocentre and its surrounding brownfield land has been earmarked to become a major new neighbourhood known as Metro Riverside. The plans are a collaboration between the Metrocentre Partnership and Gateshead Council and would see thousands of homes built on land near the River Tyne. It is not known how the sale of the Metrocentre will affect the MetroRiverside development. However, the development is still at an early stage and no plans have yet to be formally approved.
BBQ - What is the future of shopping centres?
