Newcastle’s The Gate hits the market for £15.65m 

Park Place Retail is marketing the 235,000 sq ft leisure destination on Newgate Street.

Originally developed by Landsec in 2002, the scheme cost £80m to build and was acquired by the Crown Estate in 2012 for £60m.

Since then, the centre underwent a £4m refurbishment in 2016 and £500,000 worth of fire improvement works in 2023.

Anchored by a 12-screen Cineworld and Bally’s Casino, other occupiers include Cosmo, Nando’s, Lane 7, Pizza Hut, and Wetherspoons.

As it stands, there is a vacant 3,500 sq ft unit and the property also has a 24-hour, two-storey car park to the rear with 275 spaces.