A Tyneside real estate firm has bought Gosforth Shopping Centre in a £9.3m deal – and has plans to create new community initiatives at the complex.
Monument Real Estate, which is based in Newcastle, acquired the popular centre in an off-market deal to bring it back into local hands for the first time in eight years. The firm, which has the backing of a consortium of local private investors, says it now wants work with the community on number of ideas to develop its brand.
The multimillion-pound deal followed a direct approach by Monument to Custodian REIT, which had become landlord of the centre in 2021 when it acquired the whole of Drum REIT. It was previously part of an investment portfolio belonging to entrepreneur Graham Wylie, owner of Close House Golf Course and founder of Sage Plc, who sold it in 2014.
