Thu, 25 Jan 2024 | COMMERCIAL PROPERTY
Evolve Estates has expanded its retail portfolio with the acquisition of an open-air shopping centre in Billingham, County Durham. The 320,000 sq ft Billingham Town Centre retail scheme is a major shopping destination in the region, boasting anchor tenants including Aldi, Asda and B&M.
The shopping centre has more than 90 retail units, as well as slightly over 670 car parking spaces. Billingham, which is well-located strategically, in close proximity to both Middlesbrough and Stockton-on-Tees, has a population of around 80,000. Billingham's town centre attracts a footfall of approximately 70,000 each week.
The deal is a strategic investment for Evolve Estates, part of the M Core group, which is undertaking an ongoing acquisition drive. The company has a dedicated team of asset managers which is in discussions with national brands and local traders seeking to elevate their businesses.
Evolve Estates Founding Partner Danny O’Keefe said: "Billingham shopping centre is a community focal point, aligning perfectly with our mission to enhance these essential retail hubs for the benefit of local residents and visitors."
O’Keefe continued that there was significant scope for further improvement, with ten vacant units at the shopping centre currently available. He added that Evolve Estates’ ongoing collaborations with existing tenants and stakeholders, as well as Stockton-on-Tees Borough Council, reinforced its commitment to management and aspirations for future development.
Councillor Nigel Cooke, Cabinet Member for Regeneration and Housing at Stockton Council, commented: “We’ve got a strong track record for investment in Billingham and we’re committed to bringing about change for the town’s residents and businesses."
“We’ve had some positive discussions with Evolve so far and we are looking forward to working with them as the new owners of Billingham Town Centre to see how we can best realise the town’s redevelopment ambitions.”
Over the past year, M Core has invested more than £200 million into the market, with acquisitions including Grosvenor Shopping Centre in Northampton; Parc y Llyn in Aberystwyth; and the Livingston Centre, Scotland. The company has £300 million earmarked for acquisitions, seeking investments ranging from £500,000 to £30 million, as it continues to target commercial retail property M&A deals across the UK.
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