Evolve Estates has acquired a 160,000 sq ft retail and office site in the heart of Norwich city centre from a pension scheme for an undisclosed price.
The site at 9-73 St Stephens Street comprises a block of retail units located across three streets – St Stephens Street, Queens Road and Surrey Street – as well as a block of office accommodation on Surrey Street.
Joe O’Keefe, founding partner at Evolve, which is part of M Core, said the company was already in negotiations to fill more than 65,000 sq ft of vacant space.
“The site is fantastically located, in a busy part of the city centre, close to the bus station and the main shopping area,” he added. “The St Stephens Street area is a key gateway to the city centre and benefits from a high number of visitors and because St Stephens Street has been redeveloped by the council, we can see there is considerable scope to put in different plans to enhance the site.
“Our strategy is simple: we invest in our retail sites, making the necessary improvements to enhance them and make them more attractive to both potential tenants and to the local communities who use them. Our asset management team is excited about the possibilities and is already in detailed discussions with a number of operators, which is testament to the relationships they have built with nationally known brands.
“We’d also love to speak to local, independent retailers who are interested in expanding or moving to new premises there. We’re looking forward to getting started and hope to unveil plans in the coming months.”
Clarke Willmott acted as solicitor and Prime Retail acted as the agent for Evolve. JLL acted as agent for the vendor.
