18-22 Tavern Street and 13-19 Buttermarket comprise five retail units totaling 3,368 sq m, with national tenants including Waterstones, Flying Tiger, and Fat Face. It was acquired for an undisclosed amount from Columbia Threadneedle Investments.
Located adjacent to Sailmakers Shopping Center and Buttermarket, the stores are in a prominent position and benefit from high footfall.
Evolve Estates already owns and manages The Eastgate Center in Ipswich, which comprises 20 stores over 9,214 sq m, bringing the property company’s Ipswich retail portfolio to more than 12,541 sq m.
Phil Murphy, head of asset management at Evolve Estates, said: “This new acquisition in the heart of Ipswich’s busy retail center is a significant addition to our portfolio. Our expert team of asset managers will be examining available options and we look forward to delivering on our promises to improve and invest for the benefit of local shoppers.”
The sale was managed on Evolve’s behalf by solicitor vendor CMS and Evolve’s solicitor was Andrew Cooper of Clarke Willmott. The agent acting on Evolve’s behalf was Andrew Marshall, partner at Glen Lyon Real Estate.