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The Parkway Shopping Center is located in North Yorkshire, England. Credit: Evolve Estates

UK-based Evolve acquires retail parade in Coulby Newham

Evolve Estates Ltd has added a new retail parade to its portfolio through acquiring Parkway Shopping Center in Middlesbrough.

The center in Coulby Newham is a busy, edge-of-town scheme, with more than 30 shops, anchored by a 10, 918 sq m Tesco Extra and car parking for more than 900 vehicles.

Built in 1985, the center has 19,392 sq m of retail space with tenants including Home Bargains, Peacocks, Iceland and Boyes, as well as a wide range of independent retailers. The acquisition also includes Dalby House, an unoccupied office building.

With a footfall of 4.4 million a year, which is growing by about 4% each year, the center has a local and loyal customer base, with 78% of shoppers visiting once a week.

Danny O’Keefe, director of Evolve, said: “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 center.”

Prime Retail acted as agent for Evolve Estates.