Northampton shopping centre acquired by Evolve Estates

Northampton’s Grosvenor Shopping Centre has been acquired by Evolve Estates from Legal & General for an undisclosed fee.

The two-storey, 319,048 sq ft shopping centre was refurbished in 2015 and is anchored by Primark, Boots, and Next.

Other retailers at the scheme include Office, Superdry, Lush, Pandora, Smiggle, Deichmann Shoes, and River Island. It is also home to an 809-space car park which is owned and operated by the local council.

Joe O’Keefe, one of Evolve Estate’s founding partners, said: “We are pleased to have completed this acquisition in an incredibly challenging market, cementing our commitment to continued investment in the retail sector.”

“It’s also rare to find a scheme like this, with so many positive projects going on in and around it. There are more than £25 million of government-backed development projects immediately surrounding the centre on three separate sites, with Market Square, Greyfriars and the Abington Quarter, plus the Clock House key worker residential scheme. These will provide significant opportunities for us and the town to grow and fulfil its potential”, he added.

Evolve Estates said it has a UK-wide portfolio of more than two million square metres with a value of around £340m.