Deal struck for major shopping destination

Grosvenor Shopping Northampton

Evolve Estates has expanded its portfolio with the acquisition of a shopping center in Northampton which extends to approximately 320,000 sq ft and is home to an array of national brands.

The property company, part of the M Core group, has acquired Grosvenor Shopping Northampton from L&G for an undisclosed sum.

The property includes 319,048 square feet of retail, entertainment and event space, anchored by Primark, Boots and Next.

Other national retailers include Office, Superdry, Lush, Pandora, Smiggle, Deichmann Shoes, and River Island. It has a multi-storey car park of 809 spaces, owned and managed by West Northamptonshire Council.

Joe O’Keefe, one of the founding partners of Evolve Estates, said: “We are delighted to complete this acquisition in an incredibly challenging market, reinforcing our commitment to continued investment in the retail sector.

“This is one of the largest retail centers to come on our property and we are excited to get going. We are already in discussion with several tenants who will complete the scheme and offer the wider Northampton city centre.

“It is also rare to find a scheme like this, with so many positive projects going on in and around it. There are over £25m of government backed development directly surrounding the center in three separate locations, with Market Square, Greyfriars and the borough of Abington. , as well as a 24/7 main worker accommodation scheme.

“These will provide great opportunities for us and the city to grow and realize its potential.”

Evolve Estates has a UK wide portfolio of approximately £340m.