Newcastle's Eldon Garden shopping centre has been acquired by Sheet Anchor Evolve, part of the major London-based property group M Core, in a deal that promises to introduce new uses for the three-level complex. The sale comes less than two years after the centre was purchased by a Middlesbrough business for £4.95m.
Prime Location and Current Tenants
The sizeable complex spans three levels, including a two-floor shopping mall and a prominent frontage onto Percy Street. While exterior units are thriving with tenants such as Tesco, The Magpie pub, Pure Gym, and Hunters Estate Agents, only a handful of retailers remain inside the centre, alongside a newly opened gym. The previous owner had undertaken a comprehensive redevelopment, clearing out internal retail units, with one proposal involving the creation of new modern workspace. Part of the centre has been converted into the £1.5m OneGym, which opened last month.
New Owners' Vision
Sheet Anchor Evolve has built a reputation for transforming and revitalising retail assets across the country, raising hopes that Eldon Garden could soon attract more prominent retailers. The company confirmed it now owns the centre and its 80,000 sq ft of space arranged across three levels, drawing attention to a central café and restaurant area that has remained unused for several years. It highlighted the property's prime location near St James' Park and within walking distance of Newcastle Central Station, benefiting from excellent public transport links and access to the broader regional catchment area. The transaction was announced alongside the acquisition of Northfield Shopping Centre in Birmingham, deals that bolster the firm's footprint in two established and strategically positioned retail destinations.
Danny O'Keefe, co-founder of Sheet Anchor Evolve, said: "We are pleased to have secured both Eldon Garden and Northfield Shopping Centre, two well-located assets serving established communities. Both centres provide essential retail and everyday services. Our focus across both schemes will be on practical asset management, supporting occupiers and introducing uses that strengthen each location over time."
History and Decline
Eldon Garden was initially placed on the market in January 2023, following years of declining footfall that affected trading. The centre opened in 1989 on the site of the former Handyside Arcade, which dated back to 1906 and was home to Club a'Gogo, a famous venue that hosted performances by The Animals, The Rolling Stones, and Jimi Hendrix. During the 1990s and 2000s, the centre was regarded as the luxury shopping part of town, owing to its cafés, fashion boutiques, and big-name brands including Pier, Richard Sinton Jewellers, Daniel, and Lakeland. The shift towards online retail was compounded by pandemic-related lockdowns. Efforts were made to attract new tenants through rental incentives, but the building was ultimately placed on the market.
Management and Future Prospects
Eldon Garden will now be overseen by Max Parekura, asset manager at Sheet Anchor Evolve, a London-based firm specialising in planning, regenerating, and managing properties throughout the UK. Its portfolio encompasses 95 retail locations across the country, including Bridges Shopping Centre in Sunderland, Park View shopping centre in Whitley Bay, The Forum in Wallsend, The Viking Centre in Jarrow, and M Killingworth. The acquisition raises hopes that retail will feature prominently in the firm's future strategy, with the deal completing on the same day it announced that Bridges Shopping Centre in Sunderland had secured ten new lettings, including several major relocations, within the first year of its acquisition by M Core in summer 2024.
West Midlands-based investor M Core has grown to become one of the UK's largest private property collectives, boasting a pan-European portfolio valued at billions of pounds. The group is expanding rapidly, having acquired a number of prime assets across the UK in recent years, including Harrogate's Victoria shopping centre and Newton Hall in Durham.
