Newcastle's Roebuck Shopping Centre is up for sale with a guide price of £4 million.
The centre generates around £486,000 a year in rent and boasts a number of popular stores including Next, Argos, Dorothy Perkins and Iceland. Just two of the total number of units are currently empty.
Traders hope the shopping centre's prosperity will not be affected by the impending sale.
The auction is set to take place at London's Berkeley Hotel on May 23.
A spokesman for Allsop auctioneers said: “Our client has set a guide price of £4 million. He owns a number of shopping centres and this is only one of them and he is auctioning it off as he looks at his portfolio."
Capello Lounge assistant manager Rowan Donnell told the Sentinel: "Roebuck Shopping Centre is very important to Newcastle. There are not a lot of things around here as it is and without it people would be inclined to go to Hanley. If someone buys it and brings more shops and restaurants in then it would bring more people into Newcastle."
Some people expressed confusion at the sale. Local resident Dave Hall said: “I do not know why you would sell the centre when it has so much potential. It is right in the middle of the town and has a big car park at the back."
However, he did agree that being able to attract bigger-named shops would be advantageous.
"A lot of people come to Newcastle and even more would if there were more big names like Top Shop or something similar. With the right shops people would rather come to Newcastle than Hanley."
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The centre generates around £486,000 a year in rent and boasts a number of popular stores including Next, Argos, Dorothy Perkins and Iceland. Just two of the total number of units are currently empty.
Traders hope the shopping centre's prosperity will not be affected by the impending sale.
The auction is set to take place at London's Berkeley Hotel on May 23.
A spokesman for Allsop auctioneers said: “Our client has set a guide price of £4 million. He owns a number of shopping centres and this is only one of them and he is auctioning it off as he looks at his portfolio."
Capello Lounge assistant manager Rowan Donnell told the Sentinel: "Roebuck Shopping Centre is very important to Newcastle. There are not a lot of things around here as it is and without it people would be inclined to go to Hanley. If someone buys it and brings more shops and restaurants in then it would bring more people into Newcastle."
Some people expressed confusion at the sale. Local resident Dave Hall said: “I do not know why you would sell the centre when it has so much potential. It is right in the middle of the town and has a big car park at the back."
However, he did agree that being able to attract bigger-named shops would be advantageous.
"A lot of people come to Newcastle and even more would if there were more big names like Top Shop or something similar. With the right shops people would rather come to Newcastle than Hanley."
Find retail businesses for sale.
Subscribe to the Business Sale Report.
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