M Core acquires landmark Newcastle Leisure destination, The Gate
“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."
M Core has completed the acquisition of The Gate, a landmark 235,288 sq ft leisure destination in the heart of Newcastle city centre.
The property will be managed by Sheet Anchor Evolve, part of M Core, and strengthens the group’s growing portfolio of well-located retail and leisure destinations across the UK.
The Gate is Newcastle’s only covered city centre leisure destination and occupies a prominent position on Newgate Street, opposite 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 broad mix of established 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, open 24 hours a day and serving both the destination and the wider city centre.
Newcastle has a 30-minute drive-time catchment of more than 1.5 million people and a student population of around 45,000. Newcastle and Gateshead welcomed 17.52 million visitors in 2025, generating £2.47 billion for the visitor economy and supporting approximately 21,000 jobs.
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.”
Recent additions including Fayre Play, Kiss and Cosmo have broadened The Gate’s leisure and hospitality offer, while Cineworld and Bally’s have made longer-term commitments to the destination.
The property also incorporates The Gatekeepers Pocket Garden, which supports biodiversity within the city centre. Existing environmental measures include zero waste to landfill, food waste recycling, EV charging points and free cycle racks.
The acquisition reflects M Core’s long-term approach to ownership and investment. Through its hands-on asset management model, the business works closely with occupiers and local teams to invest in and strengthen the places it owns.
“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."
