DCL instructed to Advise The Crown Estate on The Gate in Newcastle
September 27, 2012
Specialist leisure property advisers, Davis Coffer Lyons (DCL), has been instructed by The Crown Estate on its latest acquisition, The Gate leisure scheme in Newcastle.
The Crown Estate, which purchased the asset from investor clients of Delancey, the Royal Bank of Scotland, for £60m in September 2012, has appointed DCLs Development Leasing team as sole leisure agent for scheme, which is currently fully let. DCL will now assist The Crown Estate with its strategic asset management process and build upon the existing success of the development.
The Gate comprises 18 units and spans 210,000 sq ft, anchored by an Empire cinema and occupiers include Nandos, The Restaurant Group, Pizza Hut and J D Wetherspoons.
Alice Keown, Associate Director at Davis Coffer Lyons, said, The Gate is a fantastic project and although it is fully let to some very well-established food and beverage operators, we intend to work with The Crown Estate to enhance the variety and choice of cuisine available, as well as increase the number of customers engaging in multiple leisure activities on their visit. Our focus will be on food and beverage operators which offer excellent quality and keeping in mind the strong family feel of the scheme.
Jenny Mulligan, Regional Portfolio Manager 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.”