Evolve Estates announces a new addition to their expanding portfolio

Evolve Estates, part of commercial property and investment collective M Core, has acquired Middlemarch Business Park, a 94,116 sq ft unit on 8.96 acres in Coventry, Warwickshire.  

This latest acquisition demonstrates Evolve’s expertise in identifying opportunities to buy assets in locations benefiting from significant investment and transformational change. 

Middlemarch Business Park has over five office buildings in a high-quality landscaped environment.  It provides 94,116 sq ft of Grade A office accommodation and 507 car parking spaces. The park has recently undergone a phased refurbishment programme with notable environmental credentials.

Middlemarch Business Park is a highly successful logistics and commercial development and is situated directly adjacent to the proposed 265-acre Greenpower Park at Coventry Airport. Major occupiers on the park include; Parcelforce, Unipart, Walkers Snacks, Innovare Systems, World of Books, Volvo, Gist and Zooplus.

The project is anticipated to aid the UK Government’s approach to encourage electric vehicles, and Coventry City Council and the landowners are working on a joint venture to bring forward the scheme, which is anticipated to create up to 6,000 new jobs.

Joe O’Keefe, Co-Founder at Evolve Estates, said,  “This acquisition aligns perfectly with our vision to grow our portfolio in new sectors with similar underlying fundamental metrics. Middlemarch is a well-located park with a demonstrable cash flow but it could be better still. We will now begin to speculate capital and implement our plans to improve the general environment and buildings to drive performance and ensure the units and buildings are in even more demand.

Middlemarch Business Park will attract businesses that wish to be close to a Greenpower Park. The £82m investment in Coventry’s train station has been completed, and the area boasts excellent transport links. 

Further planned strategic investment in two major mixed-use developments that will provide new jobs, new homes, new shops, restaurants, hotels, and offices is great news for the city. This will help position the area and attract new residents and companies to the city”

Ashley Hudson, Knight Frank acted for the vendor, and Damian Lloyd, Avison Young acted for Evolve.