Eldon Garden shopping centre in Newcastle has been snapped up by Sheet Anchor Evolve, a company pledging to ‘introduce new uses’
A Newcastle shopping centre has been acquired by new owners who have vowed to ‘introduce new uses’. Eldon Garden shopping centre has been purchased by Sheet Anchor Evolve – part of major property group M Core – less than two years after it was bought by a Middlesbrough business for £4.95m.
The sizeable complex spans three levels, comprising a two-floor shopping mall and a prominent frontage onto Percy Street. While the exterior units are flourishing with tenants including Tesco, The Magpie pub, Pure Gym and Hunters Estate Agents, only a handful of retailers remain within the centre itself, alongside a newly opened gym.
The previous owner had embarked on a comprehensive redevelopment and remodelling of the mall, clearing out the internal retail units. It is understood that one proposal involved creating new modern workspace. Part of the centre has also been converted into the £1.5m OneGym, which opened last month.
New owners Sheet Anchor Evolve have built a reputation for transforming and breathing new life into retail assets across the country, raising hopes that Eldon Garden could soon attract more prominent retailers. The company confirmed it has taken ownership of the centre and its 80,000 sq ft of space arranged across three levels, drawing attention to a central café and restaurant area, which has remained unused for several years. It highlighted how the property enjoys a 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 revealed alongside its acquisition of Northfield Shopping Centre in Birmingham, deals it said bolster its footprint in two established and strategically positioned retail destinations.
Danny O’Keefe, co-founder at 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.”, reports Chronicle Live.
“Our focus across both schemes will be on practical asset management, supporting occupiers and introducing uses that strengthen each location over time.”
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Eldon Garden was initially placed on the market in January 2023, following years of declining footfall which affected trading. The centre was formally opened in 1989 on the site of the former Handyside Arcade, which dated back to 1906 and had been home to Club a’Gogo, the famous venue which welcomed performances from The Animals, The Rolling Stones and Jimi Hendrix.
During the 1990s and Noughties, 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 subsequently compounded by pandemic-related lockdowns. Efforts were made to attract new tenants through rental incentives, but the building was ultimately placed on the market.
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, amongst them Harrogate’s Victoria shopping centre and Newton Hall in Durham.











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