Forsters acts for the Crown Estate on purchase of The Gate leisure scheme
Forsters has advised the Crown Estate in relation to its recent acquisition of The Gate in the heart of Newcastle-upon-Tyne for £60 million.
The leisure and entertainment centre comprises 18 units and spans approximately 210,000 sq ft. The scheme incorporates restaurants, bars, pubs, a casino and multi-screen cinema and is the only covered leisure scheme in Newcastle. Current tenants include Ask, The Restaurant Group's Frankie and Benny's, TGI Friday's, Aspers and anchor tenant, Empire Cinema.
Jenny Mulligan, Regional Portfolio Manager at The Crown Estate said:
“This purchase provides a fantastic opportunity to capitalise on the strong relationships we have established with the numerous restaurant and leisure operators across our regional portfolio. It reflects a natural progression and will complement our portfolio of dominant prime retail assets, now worth more than £1 billion.”
Senior Partner, Guy Jordan acted for the Crown Estate, assisted by commercial property solicitor, Ruth de Maupeou.