Deal struck to acquire major Lowestoft shopping centre
- Credit: Mick Howes
A deal has been confirmed to purchase one of Lowestoft's main shopping centres.
National commercial property and investment firm Evolve Estates has acquired The Britten Centre as part of a plan to invest in local retail centres across the UK.
The Britten Centre, which has 19 retail units over 52,435sq.ft, is home to high street chains including Iceland, WH Smith, Superdrug and Pandora.
The acquisition, which is undisclosed, is Evolve Estates' third retail purchase of 2022.
Director Sebastian Macdonald-Hall said: "The Britten Centre is a great acquisition for us because it is one of the main focuses in the town centre, and East Suffolk Council has committed to regenerate the town after its successful Towns Fund bid.
"With only one empty unit, it is well occupied, and we will be investigating a range of options on how to improve the retail experience for the visitors there, including enhanced community-led uses to make it the premium location for Lowestoft."
Evolve Estates, which is part of the LCP group of managed companies, is aiming to take its retail portfolio to more than £400m across the UK by the end of the year.