Evolve Estates acquires main shopping centre in Northampton31/01/2023
Grosvenor Shopping Northampton is under new ownership after it was snapped up by Evolve Estates, part of M Core.
Evolve has added the 319,048 sq ft prime retail, leisure and events destination to its rapidly growing retail portfolio, acquiring it from L&G for an undisclosed sum.
Joe O’Keefe, one of the founding partners of Evolve Estates, said: “We are pleased to have completed this acquisition in an incredibly challenging market, cementing our commitment to continued investment in the retail sector.
“This is one of the largest retail centres to come under our ownership and we’re excited to get to work. We’re already in discussion with numerous tenants who will complement the scheme and the wider Northampton town centre offer.
“It’s also rare to find a scheme like this, with so many positive projects going on in and around it. There are more than £25 million of government-backed development projects immediately surrounding the centre on three separate sites, with Market Square, Greyfriars and the Abington Quarter, plus the Clock House key worker residential scheme. These will provide significant opportunities for us and the town to grow and fulfil its potential.”
The two-storey shopping centre was comprehensively refurbished in 2015 and is anchored by Primark, Boots and Next. Other national retailers include: Office, Superdry, Lush, Pandora, Smiggle, Deichmann Shoes, and River Island. It has an 809-space multi-storey car park, which is owned and operated by West Northamptonshire Council.
Evolve Estates has a UK-wide portfolio over more than two million square metres, and a value of about £340 million.