The Queen is new owner of Newcastle leisure complex The Gate

The Crown Estate has bought The Gate complex in Newcastle in a deal worth £60m.

The deal means The Queen is now technically the owner of the 18-outlet entertainment complex, although the Crown Estates are independently managed with profits going back to The Treasury.

The new owners insist it will be business as usual at the complex, which will continue to operate as normal and all jobs so far remain safe.

Jenny Mulligan, regional portfolio manager at the Crown Estate said: "We are delighted to have acquired The Gate leisure centre and are committed to working to ensure it remains one of Newcastle’s premier leisure and entertainment centres.

"This purchase provides a fantastic opportunity to capitalise on the strong relationships we have established with the numerous restaurant and leisure operators across our regional portfolio.

"It reflects a natural progression and will complement our portfolio of dominant prime retail assets, now worth more than £1bn".

Across the UK, the Crown Estate owns property worth an estimated £7bn, including prime sites in London as well as most of the foreshore and almost all the seabed surrounding the country.