Evolve Estates has acquired a 160,000 sq ft office and retail site in Norwich city centre.
The site at 9-73 St Stephens Street comprises retail units located across three streets – St Stephens Street, Queens Road and Surrey Street – and an office block in Surrey Street.
The properties were bought from a pension fund at an undisclosed price.
Joe O’Keefe, founding partner of Evolve, said: “The site is fantastically located, in a busy part of the city centre, close to the bus station and the main shopping area.
“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 was agent for Evolve. JLL was agent for the vendor.
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