Next signs for 61,000 sq ft Debenhams store at Newcastle shopping centre

Two floors of the former Debenhams store in Eldon Square, Newcastle, is to be turned into a 61,000 sq ft Next store. The retailer has agreed a 10-year lease and will open the new store in November. The space has been empty since its closure in 2021, shortly after Debenhams collapsed. Eldon Square and Newcastle City Council, the joint owners of the shopping centre, have also secured beauty retailer Sephora for a 6,600 sq ft store. The deals were announced alongside an “enhanced co-operation agreement” between the joint owners to speed up plans to revamp the centre through new leasing deals and expansion beyond retail with 200,000 sq ft of new leisure and entertainment space. This includes 59,000 sq ft on the upper floor of the former Debenhams. According to intu Debenture’s quarterly report last month, the agreement “provides a framework for the ongoing investment in Eldon Square by the authority alongside Intu Debenture plc”. Eldon Square is a subsidiary of intu Debenture, which was formed in 2020 following the collapse of former owner intu. It owns 60% of the shopping and leisure complex, with Newcastle City Council owning the remaining 40%. Intu Debenture appointed MAPP to take over Eldon Square in 2020 and Pradera was appointed asset manager for all intu Debenture assets in 2022. Image from PR