A property firm with a European portfolio valued at £6 billion has acquired Northfield Shopping Centre and pledged to invest in enhancing its appearance.
Acquisition Details
M Core has purchased the retail destination and will take over management of its 43 units and two kiosks. Spanning 138,472 square feet, the shopping centre is preparing for changes, with Lidl having obtained planning permission to demolish the former Wilko store.
Investment Plans
Sheet Anchor Evolve, the M Core asset management business responsible for Northfield Shopping Centre, stated that alongside the Lidl works, it will be 'investing in upgrading the appearance and façades of the centre' in a way that contributes to 'enhancing the overall environment and presence' in the town centre.
Existing tenants include Greggs, B&M, Peacocks, JD Sports, Poundland, Iceland, and Superdrug. The multi-storey car park offers approximately 400 spaces serving both the town centre and the precinct shops.
Lidl Development
Initially, Lidl's plans were refused over concerns about landscaping and potential impact on Victoria Common. Lidl successfully appealed, with the planning inspectorate noting it would be a 'significant improvement' on the building it replaces and that a pedestrian link and car park would 'strengthen the local sense of place' with a more 'visual and physical link' to the Common.
M Core's Portfolio
M Core has also acquired Eldon Garden, a retail space in Newcastle city centre. Danny O'Keefe, co-founder of Sheet Anchor Evolve, said: 'We are pleased to have secured both Eldon Garden and Northfield Shopping Centre, two well-located assets serving established communities. Both centres provide essential retail and everyday services. At Northfield, we are delighted to be welcoming Lidl, which will require significant investment and upgrading, alongside public realm improvements and investment in the façades to create an asset the local community can be proud of.'
In January, Sheet Anchor Evolve added The White House and 5-9 Lower Temple Street to its portfolio, a 60,000 sq ft property opposite New Street Station, home to Be At One, Archies, and Tim Hortons. Other properties include The Arcadian, 11 shops on Kings Heath High Street, eight units on Hurst Street in the LGBTQ+ Village, and 21-25 New Street.
