M Core acquires Eldon Garden
The purchase of the 80,000 sq ft shopping centre in Newcastle is part of a deal that also includes Northfield in Birmingham.
A price has not been disclosed, but former owner The Peer Group purchased the centre from Capital & Regional in 2001 for £9.2m.
Centrally located on Percy Street with direct access to Eldon Square, Eldon Garden is arranged over three levels and comes with a 480-space car park.
Occupiers include Tesco, The Goose Public House, Hunters Estate Agents, Mode Hairdressing, and PureGym, alongside a central café and restaurant space.
Cited was the agent on the acquisitions of both Eldon Garden and Northfield Shopping Centre, which comprises 138,472 sq ft across 43 units and two kiosks, located approximately six miles south of Birmingham city centre with tenants including Greggs, JD Sports, Superdrug, Iceland, B&M and anchor tenants Peacocks and Poundland.
The site of the shopping centre itself is on a long leasehold from Newcastle City Council, and both centres will be asset managed by Sheet Anchor Evolve, part of M Core’s portfolio.
Danny O’Keefe, co-founder at Sheet Anchor Evolve, part of M Core, said: “We are pleased to have secured both Eldon Garden and Northfield
Shopping Centre, two welllocated assets serving established communities.
“Both centres provide essential retail and everyday services. At Northfield, we are delighted to be welcoming Lidl, which will require significant investment and upgrading, alongside public realm improvements and investment in the façades to create an asset the local community can be proud of.
“Our focus across both schemes will be on practical asset management, supporting occupiers and introducing uses that strengthen each location over time.”
