M Core has acquired the 235,288 sq ft The Gate leisure scheme in the heart of Newcastle city centre for an undisclosed price.
The destination is anchored by a 12-screen Cineworld cinema and Bally’s Casino, alongside a mix of established food, drink and leisure operators including Lane7, Fayre Play, Cosmo, Kiss, Nando’s, Pizza Hut, Wetherspoon’s The Keel Row, Game of Throwing and The Mayfair Pub & Kitchen.
The Gate, which occupies a prominent position on Newgate Street, opposite Eldon Square and close to St James’ Park, 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.
