The Royal Quays Outlet Centre in North Shields has been put up for sale after it was placed into receivership.
Receivers at Sanderson Weatherall and Knight Frank are jointly seeking offers of more than £4m for the freehold of the outlet shopping centre. The sum reflects a net initial yield of 10.89% and capital value of £30.36 per sq ft, with a reversionary yield of 22.47%.
The centre measures more than 137,000 sq ft and has 55 retail, leisure, and food and beverage spaces.
It generates £464,024 in annual net income and has a WAULT of 4.55 years to expiry.
Anchor tenants include Costa, Next, Poundland, Clarks, Mountain Warehouse and Trespass.
The shopping centre is being marketed with potential for further development opportunities on the existing site.
It was previously managed by WD Limited on behalf of owner North Shields Investment Properties.
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