8 January 2011

Sale of Castlegate Shopping Centre, Stockton-on-Tees

Sale of Castlegate Shopping Centre, Stockton-on-Tees

Forsters has acted for a longstanding client, Lathe Investments, in relation to the sale of the Castlegate Shopping Centre, Stockton-on-Tees for £27.8 million.

The 340,000 square foot shopping centre comprises 60 retail units with a market hall, hotel, offices and an 800 space car park.  The Centre is occupied by tenants including Barclays, Boots, Iceland, Wilkinson, Peacocks and Poundland.  The Centre was sold to a US based investor and asset manager Angelo, Gordon and Co.  The scheme has planning consent for an £18 million extension including a development of 60,000 square feet supermarket and multi-storey car park.  Forsters have acted for Lathe Investments since it acquired the shopping centre in 2005 in relation to the day to day management as well as providing construction and property litigation advice.  

Howard Gill led the team at Forsters acting for Lathe Investments assisted by Ronan Ledwidge, Rachel Seymour and Naomi Trinh. 

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