Evolve Estates has purchased nine UK retail investments, totalling £27.7 million, as it continues to rapidly expand its investment portfolio which now stands at £120 million in value.
The privately funded property investment and development company also has a further £15 million of acquisitions under offer
The properties comprise: a neighbourhood centre in Taunton, Somerset; three retail warehouses in Hull, East Yorkshire; shopping centres in Totton, Hampshire and Wickford, Essex; retail parades in Exeter, Portsmouth and Brierley Hill, West Midlands, and; a vacant pub in Borehamwood, for which Evolve Estates has secured a lease to Sainsbury’s.
The investments provide a combined rental income of £2,450,000 per annum. Tenants comprise a mix of local and national retailers including Subway, Poundstretcher, Iceland, Co-op, New Look, Boots, Costa Coffee, Greggs and Natwest. Many of the properties have existing residential space and/or residential and commercial development opportunities.
Sebastian MacDonald-Hall, Partner at Evolve Estates, says: “All of these acquisitions fit with our business model to investment in mixed-use schemes, across the UK, with value-add and/or strategic planning opportunities. We are continuing to look for mixed-use retail, residential and retirement homes where we can use our strong occupier relationships to increase value.”