Evolve Estates acquires Nottingham city centre retail parade25/04/2022
Commercial property and investment company Evolve Estates has acquired a prime retail parade in the heart of Nottingham city centre as it continues its run of acquisitions.
It has acquired Units 1-8 Exchange Walk and 5-7 St Peter’s Gate Wells for an undisclosed sum from a UK institution. Evolve has also exchanged on a further £24m of retail investments so far this year, with a projected £43m by the end of H1 2022.
The portfolio comprises eight units, with six tenants on Exchange Walk, and two units, used by a single tenant, on St Peter’s Gate Wells, and it sits within the Market Square Conservation Area. Tenants include Card Factory, The Co-operative Bank and Cex.
Built in 1970, the three-storey retail parade is within the city centre’s pedestrianised area and is fully let.
Joe O’Keefe, of Evolve Estates, said: “Nottingham is a thriving city and this portfolio is strong, enjoying excellent footfall. This acquisition demonstrates our continued appetite for investing in good quality retail parades and urban centres where we can add significant value.
“It has an excellent tenant mix and, as we are known for our proactive and intensive asset management, we’ll be investigating a number of options for the upper floors, which are currently empty or under used, in the hope of revitalising the parade further.
“We have a strong appetite to acquire and regenerate retail assets and are on track for a record £43m of investments and acquisitions in the first half of 2022.”
Evolve Estates was advised by Andrew Cooper at Clarke Wilmott, while the agent was Andrew Marshall at CWM.