Shopping centre put up for sale by council
LDRSA shopping centre is to be put up for sale by a council just four years after it was bought in an attempt to revive a town centre.
Durham County Council has written to tenants of Newgate Shopping Centre in Bishop Auckland confirming its intention to market it for sale.
The authority bought it for £3.31 million in 2022 as part of wider investment in the town.
Durham County Council's corporate director for resources Paul Darby said the authority will look for an investor with experience operating shopping centres and who is able to invest appropriately.
He said: "We have informed tenants that we intend to explore opportunities to secure a buyer for the Newgate Centre and are hoping to formally market the property by the end of the month."
In a letter to occupiers, the authority said it would continue to meet its responsibilities as landlord throughout the marketing period.
Property consultants Savills had been appointed to market the site, according to the Local Democracy Reporting Service.
In the letter to tenants, the authority said of the plan: "This forms part of the council's ongoing property asset management strategy and will not affect the day-to-day operation or management of the centre.
"It remains business as usual for all tenants, customers and visitors."
