The Crown Estate have acquired the freehold interest in The Gate leisure scheme in the city centre of Newcastle Upon Tyne.
The property provides a prime in town leisure destination extending to approximately 193,000 sq ft of accommodation, with occupiers including Aspers Casino and a 16 screen Empire cinema, together with a highly successful car park. There are then 16 restaurant and bar units, with occupiers including JD Wetherspoon, TGI Friday's, Tiger Tiger, Frankie & Benny's, Pizza Hut, Ask, Coast to Coast and Nando's.
The purchase price reflected a net initial yield of 6.78%, rising to 6.94% by March 2013.
Wilkinson Williams acted on behalf of The Crown Estate.
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