Exploiting our outlet centre expertise
In 2006, we purchased Royal Quays Outlet Centre in conjunction with a US investor group to exploit our expertise in outlet centres and in particular those within the urban environment. Situated on the doorstep of Newcastle with 1.4 million people within a 30 minute drive, it’s not surprising that Royal Quays has become ‘The outlet centre for Newcastle’, maintaining a high level of occupancy, continuously growing its retail sales and attracting major new anchor stores including an extended Marks and Spencer, GAP and the first Poundland Outlet store in England.
Between 2012 and 2014 total sales grew by 7.5%, so it’s not surprising that the centre continues to be of interest to regional and national retailers seeking outlet representation.
By utilising major innovative letting strategies we have not only maintained a high level of occupancy but used the high levels of cash-flow to reduce debt and plan for future growth. With planning consent in place for an adjacent new 25,000 sq. ft. garden centre, it’s an innovative strategy that’s all set to continue.