Evolve Estates has acquired the popular 595,000sq ft retail destination, The Bridges Shopping Centre, in Sunderland.
Joe O’Keefe, co-founder at Evolve Estates, said: “The acquisition of The Bridges Shopping Centre reflects our commitment to investing in retail assets that have a high-potential to unlock through investment, experience and hard work.
“The Bridges is a great example of an asset that is performing satisfactorily as it stands, but could really improve and transition into new retail and leisure areas, occupiers and operations. We have had dialogue with the Local Authority who are promisingly pragmatic and we are very much looking forward to working with stakeholders to really move The Bridges forward.”
The shopping centre dominates the city’s retail offering with almost 100 units differing in size. Anchored by Primark, Next and TK Maxx, the high footfall centre comprises the majority of Sunderland’s retail floorspace and includes a 938-space car park.
Marked by significant portfolio growth and a very successful first half of 2024, Evolve Estates continued it’s lucrative attainment rate with their latest acquisition of the The Bridges as part of its proactive purchasing drive of shopping parades, centres and retail parks across the country.
Despite market fluctuations, Evolve Estate’s managed assets have transitioned favourably, demonstrating the company’s ability to not only transact but also profitably drive value through it’s acquisitions, and their dedication to an intensive asset management approach.
Established in 2009, Evolve Estates is one of the UK’s fastest growing, mixed use property investment and development firms. Its commitment to strategic acquisitions and asset management ensures long-term success for its properties within the dynamic market.
Legal representation for the purchaser, Evolve, part of M Core, was provided by Andrew Cooper at Clarke Wilmott, whilst the vendor was supported by Carey Olsen. JLL acted as the agent for vendor and Cited and Montagu Evans for the purchaser.