London investor goes shopping in Nottingham
Commercial property and investment company Evolve Estates has a retail parade in Nottingham city centre.
The firm has acquired Units 1-8 Exchange Walk and 5-7 St Peter’s Gate Wells for an undisclosed sum from a UK institution.
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.
