Intu has high hopes for Eldon Square

Intu has high hopes for Eldon Square

Newcastle’s Eldon Square has been named as one of intu's top performing centres in 2015.

David Fischel, chief executive of intu, reported a strong set of results for the company, after further investment helped increase its total property value to £9.6bn.

The firm is now hoping that continued investment into Eldon Square, one of its top performing centres, will help further boost its property value.

The investment into the Newcastle shopping centre includes three on site restaurant projects totalling £30m, including the £25m development at Grey’s Quarter, at Eldon Square.

The development is set for completion in 2016, and will bring 20 new restaurant brands to the city centre including Alchemist, Tapas Revolution and Chiquito.

Similarly, Gateshead’s Metro Centre, who brought in £42.8m in annual property rental, is due to see 11 new units opening over the next year.

The firm, which own 12 centres across the UK, as well as two in Spain, is hoping that the new development schemes will deliver returns of around 8%.

“We attract some 400 million shopper visits a year and focus on delivering a great customer experience,” says Fischel.

“While financial markets are volatile, the improved economic environment and tenant demand, together with the returns we are achieving from our investment in development, active management, technology and branding mean we are well positioned to achieve further organic growth in 2016”.