The purchase was made through an agreement with an undisclosed pension scheme. This property includes retail units on St Stephens Street, Queens Road, and Surrey Street, along with office accommodations on Surrey Street.
Evolve’s Founding Partner, Joe O’Keefe, said the acquisition presented multiple improvement opportunities, adding that it is already in negotiations to fill more than 65,000 sq ft of vacant space. “The site is fantastically located, in a busy part of the city centre, close to the bus station and the main shopping area.”
“Our strategy is simple: we invest in our retail sites, making the necessary improvements to enhance them and make them more attractive to both potential tenants and to the local communities who use them.”
Evolve boasts a substantial pipeline of retail acquisitions, aiming to surpass £300 million by the close of 2023. M Core, including Evolve Estates, has invested more than £160 million in 25 retail centers within the past year.
Clarke Wilmott represented Evolve, while Prime Retail and JLL acted as agents during the acquisition process. Evolve looks forward to unveiling its enhancement plans in the near future.