Evolve Estates, the national commercial property and investment company, has acquired a prime open-air shopping centre in the heart of Lichfield, its biggest retail acquisition of 2022.
Three Spires Shopping Centre is Lichfield’s dominant retail attraction in the city and provides more than 70,000 sq ft of retail floor space. The scheme is the main hub for shopping, food, and leisure. It is anchored by Sports Direct and Tesco and comprises of more than 43 retailers including: The Entertainer, Bonmarché, Boots and WH Smith.
Sebastian Macdonald-Hall, director of Evolve, which is part of the LCP Group, said the latest acquisition means it is projected to have invested £43 million by the end of H1 2022.
“Lichfield is an affluent and thriving city that has good footfall from local shoppers and tourists throughout the year. Three Spires is a safe, pedestrianised centre that has a wealth of quality names already,” he said.
“There are five vacant units, ranging from a kiosk at 226 sq ft to a large anchor store of about 47,000 sq ft, previously occupied by Debenhams. Evolve’s asset management team are already well underway curating a repositioning strategy, bringing new leisure experiences to Lichfield.
“We invest in communities, helping to create vibrant places where people want to shop and visit, and are renowned in the industry for our proactive and intensive asset management. This approach not only adds value for our portfolios, but also provides a better and more diverse offering for users.
“We are excited by the possibilities at Three Spires Shopping Centre and will be working hard to attract more brands in retail, leisure and food and beverage to the heart of Lichfield.”
Evolve has a UK-wide portfolio value of more than £300 million and this acquisition is the latest in a line of retail purchases in recent months. In the past quarter alone, it has acquired multiple assets throughout the UK, boosting its portfolio in the key area of convenience parades and local centres. This includes Exchange Walk and 5-7 St Peter’s Gate Wells, in Nottingham.
Three Spires Shopping Centre attracts 9.9 million shoppers a year and has two car parks – Backcester Lane and Gresley Row – with 160 vehicle parking spaces. It is also close to the city’s bus station and railway station.
James Stratton from Savills acted as the agent for Evolve with Tim Lloyd from Prime Retail. Clarke Willmott completed the legal transaction for Evolve.