Shopping parade evolves with new owner

Commercial property investment company Evolve Estates has acquired Swanley Square retail centre, near Sevenoaks.

It bought the 95,000sq 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.”

Commercial property investment company LCP has been appointed to manage the centre for Evolve Estates.

Swanley Square has been sold by U+I to Evolve Estates