Retail park snapped up as Evolve Estates makes flurry of acquisitions

A retail park in Stafford has been bought by Evolve Estates, as the M Core-owned property and investment company makes a flurry of retail acquisitions.

Madford Retail Park comprises 76,095 sq ft of retail space and is supplemented by an additional 8,909 sq ft of office accommodation across ground, first, and second floors.

The scheme is fully let to retailers including Wickes, Currys, Lidl, Jollyes, and a number of local operators.

Evolve Estates acquired the asset for an undisclosed sum as part of its acquisition drive in shopping parades, centres, and retail parks across the country.

Joe O’Keefe, co-founder at Evolve Estates said: “Madford Retail Park is yet another asset aligned with the company’s growth plans and a great addition to our midland’s portfolio. As we continue to strategically focus on targeting convenience led, parks, centres, offices and parades. This acquisition maintains our commitment to supporting local communities throughout the whole of the UK.”

Evolve was represented in this deal CBRE and Clarke Willmott.

In a separate transaction, Evolve Estates has also acquired a portfolio of retail units in Northampton as part of its continued strategic growth, also for an undisclosed sum.

The deal includes 15-27 and 27/29 on Abington Street and 9/15 and 1-13 Wood Street. The units are let to occupiers such as Waterstones, Barclays, Bodycare, Holland & Barrett, and Superdrug.

Joe O’Keefe added: This is an exciting and logical addition to our portfolio, we already own and manage the Grosvenor Shopping Centre which has proved to be a great success. This continuity of ownership is great news for the community and local shoppers to the area, aiming to create spaces where businesses can grow and provide the community with further services and retail opportunities.”

Cited acted for Evolve Estates.

The investments follow Evolve Estate’s recent acquisitions of Parc-Y-Lyn Retail Park in Aberystwyth and Carter Square in Uttoxeter. M Core said it has invested over £275 million over the past 12 months in the UK commercial real estate sector, with notable acquisitions including The Centre, Livingston, Cwmbran Centre, The Galleries in Washington, Sunderland, and Three Spires in Lichfield.

M Core said it has £500 million available for investments ranging from £2 million to £250 million, and is actively seeking new sites for acquisition.