Newcastle’s Eldon Garden shopping centre has changed hands, purchased by Sheet Anchor Evolve — part of property group M Core — less than two years after a previous sale for £4.95m.
Three-Level Complex
The 80,000 sq ft complex spans three levels with a two-floor shopping mall and Percy Street frontage. Exterior units thrive with Tesco, The Magpie pub, Pure Gym, and Hunters Estate Agents as tenants. Only a handful of retailers remain inside the centre, alongside the newly opened OneGym.
The previous owner cleared internal retail units for redevelopment. One proposal involved modern workspace creation. Part of the centre was converted into the £1.5m OneGym, which opened last month.
New Owner Strategy
Sheet Anchor Evolve built a reputation transforming retail assets across the UK. The company highlighted the property’s prime location near St James’ Park and walking distance to Newcastle Central Station. The deal completed alongside an acquisition of Northfield Shopping Centre in Birmingham.
“We are pleased to have secured both Eldon Garden and Northfield Shopping Centre, two well-located assets serving established communities,” said Danny O’Keefe, co-founder at Sheet Anchor Evolve. “Our focus across both schemes will be on practical asset management, supporting occupiers and introducing uses that strengthen each location over time.”
History and Revival
Eldon Garden opened in 1989 on the site of the Handyside Arcade (1906), home to Club a’Gogo where The Animals, Rolling Stones, and Jimi Hendrix performed. The centre hit the market in January 2023 after years of declining footfall.
During the 1990s and 2000s, it was regarded as Newcastle’s luxury shopping destination with cafés, fashion boutiques, and brands including Pier, Richard Sinton Jewellers, Daniel, and Lakeland. Online retail growth and pandemic lockdowns compounded the decline.
The centre will now be managed by Max Parekura, asset manager at Sheet Anchor Evolve. The London-based firm manages 95 retail locations across the UK, including Bridges Shopping Centre in Sunderland, Park View in Whitley Bay, The Forum in Wallsend, and The Viking Centre in Jarrow.
Wales-based M Core has grown into one of the UK’s largest private property collectives with a pan-European portfolio valued at billions. Recent acquisitions include Harrogate’s Victoria shopping centre and Newton Hall in Durham.