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Evolve Estates Acquires Middlesbrough Retail Asset

The national commercial property and investment company Evolve Estates Ltd has announced the edition of another new retail parade to its growing portfolio.

The purchase of the Parkway Shopping Centre in Middlesbrough provides Evolve Estate with a customer footfall of 4.4 million a year, and adds 30 shops to their list of tenants. The acquisition of the shopping centre also includes the unoccupied office building Dalby House.

Built in 1985, the centre has 208,729 sq ft of retail space with tenants including Home Bargains, Peacocks, Iceland, and a 117,527 sq ft Tesco Extra.

Commenting on the purchase, Danny O’Keefe, Director of Evolve, said: “This is a significant asset that complements our existing convenience and community UK-based retail portfolio.

“As the principal retail, commercial and community destination for the town and the surrounding area, we feel Parkway has huge potential, and we look forward to working with our existing tenants, key stakeholders and local residents to enhance and improve Coulby Newham town centre.”

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