The freehold of the biggest covered shopping centre in Europe has hit the market with a price tag of £125m.
The Church Commissioners of England have appointed JLL to sell the freehold interest in the 2m sq ft Intu Metrocentre in Gateshead.
Listed retail landlord Intu owns the long leasehold on the mall and pays 10% of the rental income to the freeholder.
Intu Metrocentre is ranked as one of the top five shopping centres in the UK according to data company CACI.
It has a total of 344 shops, around 10,000 parking spaces and an annual total footfall of 21m.
The freehold site spans 135 acres with scope for further development.
A Church Commissioners spokesman said: “From time to time the Commissioners review their investment holdings and they have decided to offer this interest for sale as part of an ongoing rebalancing of their portfolio weightings.”
Last August the Church sold its 64% stake in the prestigious Pollen Estate in Mayfair, W1, to The Crown Estate and Norges Bank Investment Management for £381m.
The Metrocentre sale will bring to an end the Commissioners’ interest in the shopping centre after more than 40 years. It funded the original development of the Metrocentre in the early 1970s by Sir John Hall’s Cameron Hall Developments.
Intu bought the long-leasehold interest in the shopping centre in 1995 for £364m.
