M Core continues Newcastle retail spend
Four months after its acquisition of Eldon Garden, the investment and asset management business has added the 235,000 sq ft The Gate to its portfolio.
The Crown Estate bought The Gate for £60m in 2012 from DV4, and invested in the scheme, including refurbishment and improvement works costing around £4m in 2015–16, plus more than £500,000 on fire improvement works in 2023.
The property, which occupies a prominent position on Newgate Street opposite Eldon Square, will be managed by Sheet Anchor Evolve, part of M Core.
The Gate includes a 12-screen Cineworld cinema, Bally’s Casino, and a range of food, drink and leisure operators including Lane7, Fayre Play, Cosmo, Kiss, Nando’s, Pizza Hut, Wetherspoon’s The Keel Row, MOJO, The WonderBar, Escape Group, Game of Throwing, and The Mayfair Pub & Kitchen. Tia’s Mexican and Funstation are also due to open at the destination.
The Gate also includes a 275-space car park, which operates 24 hours a day and serves both the destination and the wider city centre.
M Core said Newcastle’s 30-minute drive-time catchment covers more than 1.5m people, while the city has a student population of around 45,000.
Newcastle and Gateshead attracted 17.52m visitors in 2025, generating £2.47bn for the visitor economy and supporting around 21,000 jobs.
The property also includes The Gatekeepers Pocket Garden, and existing environmental measures include zero waste to landfill, food waste recycling, EV charging points, and free cycle racks.
Savills represented M Core on the acquisition, and will be joint leasing agent alongside Smith Young.
Danny O’Keefe, co-founder of Sheet Anchor Evolve, said: “The Gate is a significant leisure destination in a strong city centre location. It has an established line-up of occupiers, a wide regional catchment, and an offer that reflects how people increasingly want to spend their leisure time.
“Newcastle already has a thriving leisure and visitor economy, and The Gate has an important role within it as the city centre’s only covered leisure destination. Our approach will be to work closely with the occupiers, understand where we can make a real difference and invest in the areas that will strengthen the destination over the long term.”
