Clearbell acquires Gates shopping centre

Clearbell Capital LLP is a leading private real estate fund management business. 

It announced recently the purchase of the Durham-area Gates Shopping Centre.  Located in the site of a former cathedral, a historic building, Gates Shopping Centre houses thirty shops including: Yorkshire Trading Company, Bon Marche, Shoe Zone, Wilkinson’s, Santander, Bambinos, Yorkshire Linen Company, Poundland, Ding Dong Vintage, and The X Catalogue. The selling price for The Gates Shopping Centre’s property in the university city of Durham is rumoured to be £11.85 mln or approximately €14.9 mln. 

The mall retail space is 130,079 square feet including 49 retail units. There is space for 473 cars. The land also includes six residential properties which can be rezoned. 

Clearbell executives have announced that the company plans to manage the existing Gates Shopping Mall. Clearbell intends to repurpose the additional space for new leisure facilities for the local area. Plans include 30,000 square feet of restaurants. The leisure area focus on a multi-screen cinema—the largest in the area. Clearbell also intends to provide three hundred student residences thus integrating the student population of the Durham area into this multipurpose facility.

Nick Berry of Clearbell told media that he and his partner were excited by the well-located Durham-area mall. The partners see lots of possibilities to enhance the shopping experience and add dining and entertainment to the mix.