Parent company SportsDirect.com Retail has exchanged contracts with Metrocentre Partnership for a 15-year lease on 130,000 sq ft of space.
The two stores will occupy the former Debenhams store space in the centre’s Red Mall. The negotiations were led by asset manager Sovereign Centros.
Flannels will expand from its current 5,000 sq ft unit at the Upper Red Mall into a 70,000 sq ft space on the ground floor. Meanwhile, Sports Direct will relocate from a retail warehouse elsewhere in Gateshead into a 60,000 sq ft shop on the first floor. Both stores will open in 2023.
Next Home & Beauty, which currently leases the Debenhams space, will relocate into Next’s existing store in the Green Mall.
Graeme Jones, director at Sovereign Centros, said: “These lettings will create a new destination point for the centre’s Red Mall. The store sits on one of the main entrances to the centre and therefore important from a visual presentation perspective. The transaction completes a major element of our business plan leasing up surplus former department store space.”
Time Retail Partners are delighted to have acted on behalf of Sovereign Centros in this transaction.
For any leasing enquires please contact Tony Carroll, Matt Cassell or Jack Mackinnon from our Leasing Team.