Wednesday, 9 July 2014
Clearbell acquires The Gates Shopping Centre in Durham (UK)
Clearbell Capital LLP, a leading private real estate fund management business, has bought The Gates Shopping Centre in the historic cathedral and university city of Durham for £11.85 mln (approx. €14.9 mln).
The 130,079 ft² mall includes 49 retail units, 473 parking spaces and six residential properties, and has scope for considerable re-positioning.
Clearbell plans to actively manage the existing Gates complex, while also looking to create new leisure facilities, significantly improving the offer to the local area. Clearbell hopes to achieve this with 30,000 ft² of new restaurants anchored by a multi-screen cinema which would be the largest in the vicinity. There are also plans to integrate student accommodation with capacity for 300 rooms in a city dominated by one of the best universities in the UK.
Nick Berry, Partner at Clearbell, commented: “We are very excited about the opportunity in Durham. The Gates is very well located and we see plenty of scope to enhance the shopping center as it stands. We also think there is substantially more we can do to improve the offering to the local area, with new riverside restaurants and a cinema complex”.
Clearbell Capital was advised by the Other Retail Group and DTZ.
Source: Headland Consultancy