Newcastle’s Eldon Garden shopping centre has been sold to Sheet Anchor Evolve, a subsidiary of the major European property investment and management company M Core. The acquisition, announced on 29 April 2026, also includes Northfield Shopping Centre in Birmingham, as M Core continues to expand its UK retail property footprint. M Core, headquartered in the West Midlands, holds a pan-European portfolio valued in the billions of pounds and is described as one of the largest private property collectives in the country.
Sheet Anchor Evolve, based in London and established in 2008, specialises in the planning, regeneration and management of properties across the United Kingdom. The company already oversees 95 retail locations nationwide, including the Bridges Shopping Centre in Sunderland, Park View shopping centre in Whitley Bay, The Forum in Wallsend, The Viking Centre in Jarrow and M Killingworth. Its total managed portfolio exceeds £500 million, comprising 101 assets spanning 5.5 million sq ft with more than 2,200 units and a 97 per cent occupancy rate.
The Eldon Garden complex spans three levels, consisting of a two-floor shopping mall and a prominent frontage onto Percy Street in Newcastle city centre. While the exterior units are fully occupied by tenants including Tesco, The Magpie pub, Pure Gym and Hunters Estate Agents, the interior of the centre has been hollowed out. Only a handful of retailers remain inside, alongside a newly opened gym. The previous owner – a Middlesbrough business that bought the centre less than two years ago for £4.95 million – had embarked on a comprehensive redevelopment. Internal retail units were cleared, and part of the space was converted into the £1.5 million OneGym, which opened last month. One proposal under that ownership involved creating new modern workspace.
Eldon Garden was originally placed on the market in January 2023, following years of declining footfall. The centre opened in March 1989 on the site of the former Handyside Arcade, a Victorian-era horseshoe-shaped arcade with a glass roof that dated back to 1906. During the 1960s, 70s and 80s, the Handyside Arcade was a hub for mods, hippies, rockers and punks, and it sat adjacent to the legendary Club a’Gogo, which hosted performances by Jimi Hendrix, The Rolling Stones, The Who and The Animals. The arcade was demolished in 1987 to make way for Eldon Garden, a move that prompted opposition from those who valued its unique character. Some of its original cast-iron roof trusses were incorporated into the new building. In its early years, Eldon Garden was regarded as the luxury shopping destination in Newcastle, featuring cafés, fashion boutiques and brands such as Pier, Richard Sinton Jewellers, Daniel and Lakeland. The shift towards online retail, compounded by pandemic-related lockdowns, led to a sustained decline. Efforts to attract tenants through rental incentives proved temporary, and the property was eventually put up for sale.
New owners outline strategy for revitalisation
Sheet Anchor Evolve confirmed it has taken ownership of the centre’s 80,000 sq ft of space arranged across three levels. The company drew particular 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, with excellent public transport links and access to the broader regional catchment area.
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.” Max Parekura has been appointed asset manager for Eldon Garden.
Sheet Anchor Evolve has built a reputation for transforming and breathing new life into retail assets across the country. The acquisition comes on the same day that the company’s parent group, M Core, announced that the 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. M Core had also recently acquired Tannery Retail Park in North Worcestershire and previously bought Harrogate’s Victoria shopping centre and Newton Hall in Durham. The group’s overall European portfolio is valued at £6 billion.
The company’s founding partners include Danny O’Keefe, Joe O’Keefe and Sebastian Macdonald-Hall. Sheet Anchor Evolve’s expertise lies in the planning, regeneration and active management of retail-led assets and mixed-use developments across the UK. The broader Newcastle commercial property market is currently experiencing a shift towards specialised demand, with tightening supply in key sectors. While retail markets are stabilising, well-located, experience-driven assets and convenience centres with strong tenant mixes are outperforming. Industrial units are seeing unprecedented demand, and office spaces are increasingly favouring modern, A-grade buildings.
Eldon Garden’s interior now stands largely cleared of the boutiques and cafés that defined its heyday. The previous owner’s redevelopment work, including the conversion of part of the centre into the OneGym, had begun to reshape the space, but the central café and restaurant area remained untouched. Sheet Anchor Evolve now intends to introduce new uses to the location, building on its track record of practical asset management and occupier support across a portfolio that now numbers 101 assets with a 97 per cent occupancy rate.
