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Business & Economy

New future secured for Eldon Square

Debenture PLC has taken over the management of Eldon Square, appointing a leading asset and property management team to the 1.35m sq ft shopping centre.

Concluding the transition of Eldon Square from intu, property management company MAPP has also been appointed to undertake property management. Specialist investment manager APAM will assume asset management responsibilities, supporting the existing centre team.

The centre will continue to operate under intu branding ahead of a revamp in late 2020 that will retain the historic Eldon Square name. The rebrand will include a new logo, external signage and website.

Nigel Mapp, CEO at MAPP and Simon Cooke, executive director at APAM, said in a joint statement: “We are very much looking forward to working with the high-quality onsite team at Eldon Square to drive the next phase of growth to ensure that Eldon Square remains central to the retail and leisure offering at the heart of Newcastle City Centre.”

Cllr Ged Bell, Cabinet Member for Employment and Culture at Newcastle City Council, said: “The council will soon be embarking on a programme to kick-start the transformation of the city centre, so this new era for Eldon Square could not have come at a more opportune time.

“Our ambition is to create a city that retains its role as the capital of the North East and status alongside other regional cities, and a unique European destination for tourism, business, and investment. A strong and vibrant retail centre is obviously integral to this and we very much support the new direction of Eldon Square.  

“We are confident that the new management structure and their commitment to the city will mean Eldon Square will continue to play a vital role in supporting the city’s economy and somewhere local people and those visiting the city can continue to enjoy.”

Jim Tucker, partner at KPMG and joint administrator of intu, added: “The orderly migration of intu’s centres to new management continues at pace despite their challenges, with further transitions set to conclude in the coming days. We thank the team at Eldon Square for their support during the administration process and wish them well for the future.”