Evolve Estates has acquired Grays Brewery Quarter – a mixed-use retail and leisure property in the heart of Chelmsford, Essex.
It is the latest acquisition by the national commercial property and investment company, which is part of M Core – one of the largest, privately held commercial property portfolios in the UK – as it continues its drive to build its retail portfolio.
The Quarter, which forms part of a 19th century brewery site, comprises 36-38 High Street and 3-7 Grays Brewery Yard and has six retail and leisure units, plus a serviced office.
The High Street units are occupied by McDonald’s and Metro Bank, while Yard, Fete, Nandos and Zizzi all operate in Grays Brewery yard. There is one vacant unit.
Patch, a serviced office provider, is at the rear of the Yard and operates over four floors.
The 1.325 acre city centre site was acquired for an undisclosed sum.
Danny O’Keefe, founding partner of Evolve ,said: “2022 was the busiest in our 13-year history for retail acquisitions and we are continuing the momentum in 2023, adding Grays Brewery Quarter to our growing portfolio. It sits in the heart of the bustling city centre, between the three main shopping centres and next to the former Debenhams, which is under redevelopment after being let to a major retailer.
“This is an exciting acquisition for Evolve, demonstrating how keen we are to invest in strong retail propositions, and we look forward to being part of the fabric of Chelmsford city centre.”
Evolve has a UK-wide portfolio value of more than £300million across 2m sq ft and it is actively seeking new properties, from small neighbourhood parades to larger town centre destinations.
The agents acting for Evolve were Prime Retail and Clifton Agency, while its solicitor was Andrew Cooper, of Clarke Willmott. Green & Partners acted on behalf of the vendor.
