A rooftop bar and restaurant is set to take centre stage in in plans for a shopping mall owned by the billionaire Reuben Brothers.
The real estate entrepreneurs snapped up Monument Mall in 2021 through their property investment company Motcomb Estates for a reported £37m – the first of a number of high profile property purchases in the city. Now tenant Sports Direct is set to move out of the building, paving the way for changes to the building.
Consultants enlisted by the entrepreneurs are on the hunt for an operator to take on the luxury shopping arcade’s rooftop area to create a large leisure area with a bar and restaurant overlooking the Monument and Street.
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A brochure advertising the development says: “This prime unique roof top leisure/bar/restaurant opportunity on Northumberland Street will be created from sub-division of the Sports Direct unit following their relocation and will provide a roof top enclosed and open area providing 5,000-8,670 sq ft of accommodation on the 3rd and 4th floors of the building. The unit is offered on the basis of a new lease on terms to be agreed. Floor plans providing a number of configuration options are available on request.”
It adds how has a commitment to improving Northumberland Street, the connecting lanes and side streets and the adjacent northern end of Pilgrim Street, with funding sources currently being finalised while designers work on proposals. While the rooftop with its impressive views over the city will be transformed for a luxury bar and restaurant operator, the rest of the Sports Direct building is also set for a change.
The sports retailer is set to move out of the building and into the former H&M store nearby, at 36-40 Northumberland Street, in July. Mike Ashley, majority owner of Sports Direct and the wider Frasers Group, bought the building in a deal worth £31.6m back in 2018. Frasers Group has already converted the former Clas Ohlson into a Flannels luxury fashion store. Now it is understood that the group will transform the empty H&M unit into a three-floor Sports Direct store, while WH Smith and Post Office will remain as tenants next door.
That leaves the first floor, ground floor and basement of the company’s current base ripe for redevelopment – and property agents say it will be taken over for leisure and ‘social experience’ use.
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A glossy brochure by Morpeth-based Creative Streak Design was sent out recently to a number of national and regional companies, with images showing how the finished rooftop and reconfigured Sports Direct could look – and it has so far attracted a lot of attention from interested parties. The property is being marketed by joint agents Savills and @retail.
Ian Angus of @retail said: “We’ve had a lot of interest so far. The ground floor and the first floor are under offer and the basement is also under offer. Who takes on the rooftop will depend on a lot of factors, but there has been a lot of interest, from local entrepreneurs and national companies. We targeted 12 to start with and got a good level of interest from that, but we are keen to get it out there in the market and see who else comes forward.”
As well as owning Monument Mall, the Reuben Brothers - part of the consortium that owns Newcastle United - also now have nearby properties including Central Exchange and Central Arcade, and a retail parade on Grainger Street from Dr Martens to Black Sheep Coffee.
The group is also developing sites on Pilgrim Street, with the new HMRC building set to open in Pilgrim’s Quarter in 2027, Worswick Chambers – which will be home to the new Stack leisure site – to open in November 2024, the 93-bed boutique Hotel by Bespoke taking shape in the former fire station ahead of a Q2 opening in 2024. Meanwhile, Bank House, the company’s new 120,000 sq ft gateway office is set to be launched soon.
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