Evolve Estates, a UK commercial property and investment company, has acquired a prime open-air shopping centre in the heart of Lichfield, near Birmingham.
Three Spires Shopping Centre is Lichfield’s dominant retail attraction in the city and provides more than 70,000 sq ft (6,500 m2) of retail floor space. The scheme is the main hub for shopping, food, and leisure. It is anchored by Sports Direct and Tesco and comprises of more than 43 retailers including: The Entertainer, Bonmarché, Boots and WH Smith.
Sebastian Macdonald-Hall, director of Evolve, which is part of the LCP Group, said the latest acquisition means it is projected to have invested £43 mln by the end of H1 2022.
‘There are five vacant units, ranging from a kiosk at 226 sq ft to a large anchor store of about 47,000 sq ft, previously occupied by Debenhams. Evolve's asset management team are already well underway curating a repositioning strategy, bringing new leisure experiences to Lichfield,’ he said.
Evolve has a UK-wide portfolio value of more than £300 mln and this acquisition is the latest in a line of retail purchases in recent months. In the past quarter alone, it has acquired multiple assets throughout the UK, boosting its portfolio in the key area of convenience parades and local centres. This includes Exchange Walk and 5-7 St Peter’s Gate Wells, in Nottingham.
Savills acted as the agent for Evolve with Prime Retail.
