Mayfair-based property company, Evolve Estates, has announced its acquisition of 160,000 square feet of retail and office space in Norwich. The newly acquired units, located across St Stephens Street, Queens Road, and Surrey Street, include popular stores such as WHSmith, Sainsbury’s, and Specsavers, as well as the former home of BHS. The site has been vacant since August 2016, with the exception of an 18-month period when Primark temporarily occupied the unit during renovations to its Gentleman’s Walk store. Evolve Estates expressed its excitement about the purchase and highlighted the numerous improvement opportunities the site presents. The company is already in negotiations to fill the empty unit and is particularly interested in attracting local, independent retailers.
Evolve Estates is part of property group M Core, which has invested over £160 million in 25 retail centres across the country in the past year. Some of their major acquisitions include Grosvenor Shopping Northampton, Parc y Llyn in Aberystwyth, and the Viking Centre in Jarrow. The company’s strategy is focused on investing in retail sites, making necessary improvements to enhance their appeal to potential tenants and the local communities. Joe O’Keefe, a partner at Evolve Estates, highlighted the prime location of the St Stephens Street area, with its proximity to the city centre and high number of visitors. He emphasized the considerable potential for different plans to enhance the site, following the redevelopment of St Stephens Street by the local council.
The purchase of the retail and office space by Evolve Estates represents a significant development for the St Stephens Street area in Norwich. With popular stores such as WHSmith, Sainsbury’s, and Specsavers among the newly acquired units, there is a clear opportunity for the area to become a bustling retail hub. The former BHS site, which has been vacant for several years, may finally find a new tenant, as Evolve Estates is already in negotiations to fill the empty unit. The property group’s focus on investing in retail sites and making necessary improvements aligns with its mission to enhance the sites and make them more attractive to both potential tenants and the local communities who use them.
Overall, Evolve Estates’ purchase of retail and office space in Norwich demonstrates its commitment to investing in and improving retail sites across the country. With the acquisition of units in the St Stephens Street area, the company sees significant potential for enhancing the site and attracting local, independent retailers. This development could breathe new life into the area, marking a positive step forward for both the local community and the Norwich retail sector as a whole.
