Beacon Centre – big times ahead

Jun 11 2008 by Bill Lynn, The Journal

NORTH Tyneside has three major shopping centres in the borough (four if you include Morrisons at Preston Grange) but of these the largest and most important is the Beacon Centre in North Shields – the administrative heartland of North Tyneside.

It is soon to get a major boost as the new owners, Baronsgate Estates, look to improve the centre.

Baronsgate Estates bought the centre, beating competition from previous owners Threadneedle Properties (the pension fund of the Eagle Star Group) although since being built in 1978 it was largely owned by CIN (the Coal Industry Nominees Pension Fund).

The centre, which is arranged on three levels but predominantly over one, has 186,000sq ft of retail space with 38 units including large space lets to Wilkinsons and In Shops. It stretches from Bedford Street (where it sits on both sides of the street) through to Northumberland Square and is the main retail centre in North Shields, boasting big names such as Specsavers, Boots, Dorothy Perkins, J D Sports, Greggs and many others. It includes a 460 space car park.

Alongside Cushman Wakefield who advised on the purchase of the centre as local agents, storeys:ssp have been brought in to advise on lettings and active management possibilities and other areas of improvement.

Having done a sectoral analysis we find that whilst we have an excellent base from which to work, there are a number of retailers or retailer categories not represented.

Within a 30-minute drive time there is a catchment of 1,310,000 people and this increased to 2,320,500 within 60 minutes.

The local population and demographics are increasing and improving significantly and this was a key driver in purchasing the centre.

Bill Lynn, chief executive of storeys:ssp