New management will take over the Metrocentre in Gateshead after the collapse of former owners Intu.
Sovereign Centros is promising 'a new era' for the North East’s biggest retail and leisure destination after being appointed to asset manage the centre on behalf of owners, the Metrocentre Partnership.
Property firm Savills will take on the responsibility for the on-site property management.
Sovereign Centros says there is £25 million available to improve the centre and the adjoining retail park.
Metrocentre management staff will pass to the new operators.
This is a very important day. We are delighted to be taking the centre over. There are clearly challenges for us all at this time but we want to take the centre back to where it was as ‘The Metrocentre’, which the local community was always very proud of. Our aim is to inject new life with vigour with different uses to ensure that it remains the place to come to for a very long time.
The new management said in a statement that they are in discussion with "a number of existing retailers who want to upsize", adding that this "goes to show how well they trade".
The Partnership are making the additional finance available, initially £25m to enable these things to happen. The adjacent retail park, which is an important part of the overall offer, needs some attention. Again, we have some good ideas to freshen this up and bring in some new names.