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Evolve Estates acquires two Scarborough retail centres

Commercial property and investment company Evolve Estates has acquired two prime town centre parades in the North Yorkshire seaside town of Scarborough.

It has added to its burgeoning retail portfolio The Balmoral Centre, a 57,339 sq ft covered retail centre anchored by Wilko, and Bar House, on Aberdeen Walk, which has 17,602 sq ft of retail and leisure space over three floors.

It acquired the parades for an undisclosed sum, taking this year’s retail acquisitions to more than £48m.

Sebastian MacDonald-Hall, of Evolve Estates, said: “Scarborough is a beloved seaside resort and we’re pleased to have secured these well-known, popular parades, bringing them into our in-house portfolio.

“We are committed to focusing our efforts on regional retail centres and neighbourhood parades where we can see there is incredible potential. The Balmoral Centre and Bar House provide us with significant opportunities to add significant value and we are already looking to identify how we can revitalise these centres further. We hope to make announcements on how we can achieve this over the next few months.”

The Balmoral Centre, which Evolve bought as freehold, comprises seven retail units on ground floor, with five fronting Westborough. There are also two further units, plus a vacant night club located on the first floor and a gym located on the second floor. An NCP car park has space for 480 vehicles.

Bar House comprises seven shops fronting Westborough and Aberdeen Walk, with vacant first and second floors, which used to be a nightclub.

The agents for Evolve Estates were Prime Retail.

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The Balmoral Centre, Scarborough

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Notes to editors

Evolve Estates is a national commercial property and investment company, part of the LCP group of managed companies. It was founded in 2009 by a vibrant team of three partners to offer privately funded expertise with above-average infrastructure and reliability. From day one, we were built to evolve. Our intelligent, highly strategic approach means we can upscale acquisitions swiftly with the broadest remit possible. We work hard to create exceptional deals while building strong relationships with everyone in our network. Subsequently, our investors enjoy working with us and know they can expect results. By holding strong reserves of cash funds, we act decisively, acquiring assets swiftly and smoothly, and continuously look for ways we can develop our portfolio. Thanks to property management provided by LCP, part of the LCP group of managed companies, we hand over day-to-day management duties and focus on a robust acquisition strategy

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