Cut-price Gate is put up for sale by Royal owner

NEWCASTLE city centre drinking, dining and entertainment destination The Gate has been put up for sale by its owners, at almost a quarter of the price they paid for it.

- COREENA FORD

The Crown Estate has enlisted London property agents to find new owners for the Newgate Street site - spread across two huge buildings - who are marketing it at £15.65m, a fraction of what it paid for the site more than 10 years ago.

Back in 2012, the property company, which was owned by HRH Queen Elizabeth and is now owned by King Charles, snapped up the huge site with its cinema, bars and restaurants in a £60m deal from London property company Delancey.

The Gate - which takes its name from its address on Newgate Street - opened to great fanfare in 2002 but its construction caused some controversy, requiring the demolition of much-loved music venue The Mayfair amongst other buildings. At the time, The Gate was the only covered leisure scheme in Newcastle with its cinema - then operated by Empire - and bars and restaurants including Nando's and Pizza Hut.