The company bought the 95,000 sq ft shopping parade from U+I on an off-market basis, for an undisclosed sum. The parade is anchored by Asda – although the store was excluded from purchase – and comprises 32 shops, including Boots, Wilko, Poundland and Iceland, as well as planning permission for more than 250 residential units.
Danny O’Keefe, of Evolve Estates, said: “This asset complements our existing portfolio and represents a robust cashflow with asset management opportunities for us to explore over the coming years. Even though the property investment sector has slowed down, we remain confident about the future of retail and are determined to deliver on our plan to increase the number of convenience/community-led centres within our ever-expanding portfolio.
“The acquisition of the scheme marks a bold start for us this year and we aim to seal more deals for local district centres, convenience parades and precincts, as well as other opportunities, over the coming months. “We look forward to working with local stakeholders to ensure that Swanley Square becomes a best-in-class, convenience-led retail parade for the whole community.”
Commercial property investment company LCP has been appointed to manage the centre for Evolve Estates, which is part of the LCP group of companies.
Julian Diamond, LCP head of asset management, said: “As a Group company, we work closely with Evolve across its property portfolio. We take pride in our intensive asset management approach, so will proactively manage Swanley Square to attract new tenants that will not only enhance the retail offer for the local community, it will also improve footfall for all shops within the scheme.”