Friday, 31 October 2014
Evolve Estates invests in St. Martin's Walk Shopping Center in Dorking (UK)
Evolve Estates has purchased the long leasehold interest in St Martin’s Walk shopping center in Dorking, along with an adjacent retail block, from Stamford Properties Ltd.
The 64,000 ft² (5,945 m²) shopping center comprises 25 retail units and is anchored by Marks & Spencer, with other tenants including Body Shop and Vodafone. There is also 10,000 ft² (929 m²) of office space within the scheme. The adjacent retail block comprises two units let to the Original Factory Shop and Superdrug, offering asset management opportunities.
Dan O’Keefe, Partner of Evolve Estates, said: “We see huge potential in Dorking. Our plan is to actively asset manage St Martin’s Walk to improve the retail and leisure offer of the scheme for the benefit of local residents and hopefully also to attract visitors from further afield.”
Jim Remfry, of CWM who advised Evolve Estates on the purchase, said: “St Martins Walk dominates the retail offer for the catchment area and continues to see year-on-year footfall growth as a result of the strong and improving retail and leisure mix. The acquisition offers numerous asset management and development opportunities together with the secure income profile that leading brands such as Marks & Spencer, Cook and The Body Shop all bring. I am sure the acquisition will prove to be a great success for both Evolve Estates and Dorking town center.”
Tim Williams of CBRE advised Stamford Properties ltd.