Landsec has been named preferred bidder for the Metrocentre in Gateshead, which was put up for sale earlier this year with a price tag of circa £500m.
It was strongly rumoured that Mike Ashley’s Frasers Group was interested in adding the 2m sq ft shopping centre to the company’s growing portfolio of UK retail and leisure assets, but it is understood Landsec has now entered into exclusive talks to acquire the centre.
The Metrocentre is owned by the Metrocentre Partnership, a group of investors who picked up the asset following the collapse of Intu. Knight Frank was appointed to market the Metrocentre, which is asset managed by Sovereign Centros from CBRE.
Footfall at the centre increased by 5.6% to 16.4 million in the 52 weeks to 27 June 2026 and as at 31 March 2026 the Metrocentre’s occupancy rate was 89.3%.
The Metrocentre Partnership has spent more than £60m on upgrading the centre in recent years, including the refurbishment of the new 10,000 sq ft The Crescent retail destination designed to support independent and local brands.
Landsec and Metrocentre declined to comment.
