A London commercial property and investment company has acquired a shopping centre in a Somerset market town for an undisclosed sum.
Evolve Estates, which is based in Mayfair, has added Falkland Square in Crewkerne to its rapidly burgeoning retail portfolio after buying the 11-unit retail centre from an investment company. It is Evolve's ninth acquisition this year.
The 23,266 sq ft centre includes the south parade, with six commercial units on the ground floor and two flats and an office on the first floor; and the north parade, which has five commercial units with two flats above. It is anchored by Waitrose and occupiers include Costa Coffee, Savers Health & Beauty, and Ladbrokes.
Danny O’Keefe, founding partner of Evolve Estates, said: “We’re committed to investing in local convenience and neighbourhood retail centres, so adding Falkland Square to our portfolio fits in with our current investment strategy perfectly.”
Adam Davies, asset manager at Evolve Estates, added: “We look forward to working with local shoppers and our tenants to ensure Falkland Square continues to provide the amenities they need and want on their doorstep.”
Andrew Cooper of Clarke Willmott completed the transaction for Evolve Estates, while the agent was Oliver Church of Arcane Real Estate.
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