M Core acquires Newcastle leisure destination
M Core has completed the acquisition of The Gate, a 235,288 sq ft leisure destination in Newcastle city centre.
Located on Newgate Street, the Gate is Newcastle’s only covered city centre leisure destination and sits opposite to Eldon Square and close to St James’ Park, Newcastle University, Chinatown, and Newcastle Central railway station.
The destination is anchored by a 12-screen Cineworld cinema and Bally’s Casino, alongside a mix of food, drink, and leisure operators. Occupiers include 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, with Tia’s Mexican and Funstation due to open.
The Gate also includes a 275-space car park, which is open 24 hours a day and serves both the destination and the wider city centre.
The property will be managed by Sheet Anchor Evolve, part of M Core.
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.”
Savills represented M Core on the acquisition. Smith Young and Savills have been appointed joint leasing agents for The Gate.