BOLTON'S Gates Shopping Centre has been sold in a deal worth almost £14 million - to its neighbour.

Bosses at Crompton Place have snapped up the centre in a deal to create one of the town's largest indoor shopping complexes.

A multi-million pound refurbishment of the entire centre is now set to take place in a bid to bring it into the 21st Century.

The deal was struck yesterday after weeks of discussions. Crompton Place chiefs became aware that the Gates was being sold and decided to make a bid.

It is understood managers of the Crompton Place were keen to create a single indoor shopping centre and bought it for £13.4 million. In June, 2002, it was sold to its current owners, Ardwood Properties Ltd, for £11 million.

The Crompton Place is owned by Hermes, which acts on behalf of the Royal Mail Pension Plan.

Gates Shopping Centre consists of 105,000 sq ft over two floors. Tenants include major retailers such as Boots, TK Maxx and Streetwise Sports.

The centre is linked to the 230,000 sq ft Crompton Place.

Paul Wray, of Hermes, said: "These centres already have interlinking malls, basement car parks and service access. We now propose to fully incorporate the Gates into Crompton Place.

"It will assist us in managing the scheme and ensuring that we provide the best possible centre for both retailers and shoppers."

He added: "Hermes now has £60 million of interest in Bolton. It is an important town for us and we were keen to create the very best shopping centre."

Ardwood Properties Ltd snapped up the Gates 18 months ago from High Street giant Boots, which owned the property for five years.

It did not make any radical alterations to the complex, which was created on the former site of the Bolton Evening News offices. The centre opened in 1990 and was bought by Boots in 1996 for £15 million. The name was changed from The Shipgates Centre to The Gates.

Since then, the once-struggling complex has gone from strength to strength.

Town centre manager Cathy Savage said: "This is wonderful news for Bolton. It gives one firm control of the indoor operation and there can now be plans to improve the centre as a whole."