Evolve Estates has bought the 319,048 sq ft Grosvenor Shopping Northampton centre from L&G for an undisclosed price.
In October 2021, it was reported that L&G, which bought the centre from Hermes for £88m in 1999, had put the centre up for sale for £31m.
Joe O’Keefe, founding partner 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 £25m 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, which was comprehensively refurbished in 2015, is anchored by Primark, Boots and Next. Other national retailer tenants include Office, Superdry, Lush, Pandora, Smiggle, Deichmann Shoes and River Island.
