The retail portfolio is located in Tunbridge Wells, a city in Kent, 50 km southeast of London. Credit: Evolve Estates

Evolve Estates acquires Tunbridge Wells retail parade

Commercial property and investment company Evolve Estates has acquired a local retail parade after signing a deal for a site in Tunbridge Wells, Kent.

The company has purchased a parade of 14 units from 2-46 Calverley Road, for an undisclosed amount. The 6,225 sq m portfolio, which sits in the heart of the bustling town center, includes high street names such as Waterstones, Fat Face, Nationwide Building Society, EE and Barclays Bank. There is also one first-floor residential unit.

The Tunbridge Wells acquisition is the latest in a string of investments by Evolve, which is focusing on the regional convenience retail sector. Joe O’Keefe, director, said: “This is a solid investment in prime Tunbridge Wells; we are already finding tenant demand for space and this high street parade is performing strongly, with robust footfall and diverse occupiers.”

“Over time, under-utilized and redundant ‘upper parts’ are likely to be converted to much-needed residential units, which the buildings lend themselves to, physically and aesthetically,” O’Keefe concludes. 

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