Evolve Estates, part of M Core, has expanded its retail portfolio with the acquisition of a shopping centre in County Durham.
The 320,000 sq ft open-air Billingham Town Centre retail scheme stands out as a dominant shopping destination in the region, with anchor tenants such as Asda, B&M, and Aldi.
With more than 90 retail units and 673 car park spaces, the town centre attracts a footfall of about 70,000 per week.
Billingham, which has a residential population of 80,000, is close to Middlesbrough and Stockton-on-Tees, making it a strategic investment for Evolve Estates.
Danny O’Keefe, founding partner at Evolve Estates, 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 further emphasised the potential for improvement, citing the current availability of ten vacant units.
Evolve Estates’ dedicated team of asset managers is already in talks with both national brands and local traders that are eager to elevate their businesses.
Ongoing collaborations with existing tenants, stakeholders, and Stockton-on-Tees Borough Council reinforce the commitment to management and future development aspirations, added O’Keefe.
Andrew Cooper at Clarke Wilmott and Bradley Maher at Cited Property acted as the solicitor and acting agent, respectively, for Evolve. James Pearson at Four & Co acted as agent for the vendor, with Ann-Marie Salmacis at Pinsent Masons as solicitor.
M Core has injected more than £200m into the market in the last 12 months. Notable acquisitions include Livingston Centre, Scotland; Grosvenor Shopping Centre in Northampton; and Parc y Llyn in Aberystwyth.
The business is actively seeks new opportunities for acquisition.
Following the new acquisition by Evolve, Connect Property NE remain instructed on all opportunities within the town centre. All enquiries to firstname.lastname@example.org