Evolve Estates, the national commercial property and investment company, has acquired a city centre retail portfolio in Ipswich, marking its eleventh significant acquisition this year.
18-22 Tavern Street and 13-19 Buttermarket comprises five retail units totalling 36,256 sq ft, with national tenants including Waterstones, Flying Tiger and Fat Face. It was acquired for an undisclosed amount from Columbia Threadneedle Investments.
Located adjacent to Sailmakers Shopping Centre and Buttermarket, the stores are in a prominent position and benefit from high footfall.
Evolve Estates already owns and manages The Eastgate Centre in Ipswich, which comprises 20 stores over 99,185 sq ft, bringing the property company’s Ipswich retail portfolio to more than 135,000 sq ft.
Phil Murphy, head of asset management at Evolve Estates, said: “This new acquisition in the heart of Ipswich’s busy retail centre is a significant addition to our portfolio. We are already known in the market for our commitment to adding value and this will be no exception.
“Our expert team of asset managers will be examining available options and we look forward to delivering on our promises to improve and invest for the benefit of local shoppers.”
The sale was managed on Evolve’s behalf by solicitor vendor CMS and Evolve’s solicitor was Andrew Cooper of Clarke Willmott. The agent acting on Evolve’s behalf was Andrew Marshall, partner at Glen Lyone Real Estate.
