Evolve Estates Ltd, the national property and investment company, has added a new retail parade to its portfolio after acquiring Parkway Shopping Centre in Middlesbrough.
The centre, in Coulby Newham, is a busy edge-of-town scheme, with more than 30 shops, anchored by a 117,527 sq ft Tesco Extra and car parking for more than 900 vehicles.
Built in 1985, the centre has 208,729 sq ft of retail space with tenants including Home Bargains, Peacocks, Iceland and Boyes, as well as a wide range of independent retailers. The acquisition also includes Dalby House, an unoccupied office building.
With a footfall of 4.4 million a year, which is growing by about 4% each year, the centre has a local and loyal customer base, with 78% of shoppers visiting once a week.
Danny O’Keefe, director of Evolve, said: “This is a significant asset that complements our existing convenience and community UK-based retail portfolio.
“As the principal retail, commercial and community destination for the town and the surrounding area, we feel Parkway has huge potential and we look forward to working with our existing tenants, key stakeholders and local residents to enhance and improve Coulby Newham town centre.
Parkway also provides numerous additional local community facilities, including the Rainbow Leisure Centre, library and business centre, medical centre, dental surgery, veterinary surgery and other community uses.
Prime Retail acted as agent for Evolve Estates.