More than 100 units are included. Credit: Place North

Sunderland’s Bridges shopping centre sold

5 August 2024 13:55 Neil Tague Comments (0)

Evolve Estates, part of the M Core group, has made its latest move in the region, buying the 595,000 sq ft retail complex from AEW.

Although the sale price was undisclosed, reports suggest a figure of around £24m, significantly less than the £152m it was sold by Landsec for in 2015.

The Bridges is by some distance the most significant retail offer in Sunderland city centre, hosting more than 100 traders anchored by Primark, Next and TK Maxx. It also boasts a 938-space car park.

Evolve said it has acquired the centre as part of a proactive acquisition drive of shopping parades, centres and parks.

Joe O’Keefe, co-founder of Evolve, said: “The acquisition of The Bridges Shopping Centre reflects our commitment to investing in high-potential retail assets. We see significant potential in The Bridges and look forward to working with stakeholders to further diversifying the tenant mix.”

Over the last year, Evolve has bought 320,000 sq ft of open air retail making up Billingham town centre from St Modwen and Jarrow’s Viking Centre, picked up last autumn.

M Core, a privately owned retail investment group, also acquired Darlington’s Meynell Road Reytail Park as part of an eight-asset portfolio.

Cited Property and Montague Evans acted on the Bridges deal.