Evolve Estates continues acquisition spree after snapping up north west retail hub
Evolve Estates has continued to expand its portfolio with the acquisition of a town centre retail hub in the north west of England.
The group – which is part of property investment collective M Core – has acquired Washington Square in Workington, Cumbria. The square is the dominant retail space in the town, which is located in close proximity to the Lake District national park.
Washington Square extends to over 250,000 sq ft and is home to a mixture of uses, such as convenience, amenity, services, fashion, and food and beverage.
The asset is anchored by the likes of TK Maxx, Next, River Island, and JD Sports Fashion. It is also supplemented by a 427-space multi-storey car park.
Philip M Murphy, head of property and transactions at Evolve Estates, said: “The acquisition of Washington Square symbolises another successful step in Evolve Estates’s ever-growing portfolio in the North of England. With a focus on development opportunities and elevating the current tenant mix, we are continuing to demonstrate our commitment to strategic investment and growth.
“We look forward to our dedicated team managing the asset and ensuring its smooth operation and continued success.”
The purchase adds to an extensive list of acquisitions made by Evolve Estates in recent months. In 2024 alone, the group has acquired Billingham town centre in County Durham, Madford Retail Park in Stafford, a portfolio of retail assets in Northampton, The Bridges Shopping Centre in Sunderland, and a pair of retail assets in London and Farnham, Surrey.
Cited Property advised Evolve Estates on the Washington Square acquisition, whilst Savills acted for the vendor.