Having recently completed the sale of Scarborough's Brunswick Shopping Centre, when our clients instructed us to market The Balmoral Shopping Centre and Bar House, Aberdeen Walk in Scarborough to sell, we knew that both would present as attractive investment opportunities.
The limited retail competition from other towns and cities means Scarborough benefits from a loyal local catchment with circa 80% of the consumer spend retained in the popular seaside town.
The substantial town centre sites comprised 73,437 sq ft of retail and leisure accommodation with ancillary NCP Car Park. Both assets have significant potential for redevelopment and long-term asset management initiatives.
The sale completed in Summer 2022 to Evolve Estates who have added the two assets to their growing retail portfolio of regional shopping centres and parades. The transactions were shared in Property Week, Building, Design & Construction magazine, and many more. We look forward to seeing Evolve Estates' revitalisation of the two properties in the future.
Thanks to Prime Retail Property who acted on behalf of Evolve Estates.
If you would like any more information or need advice on your retail assets, please get in touch with our investment team David Freeman, Ed Smith and Patrick Over