Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Birmingham Post
Birmingham Post
Business
Sion Barry

Retail park in Aberystwyth acquired in a multi-million pound deal

The Parc y Llyn retail park in Aberystwyth is under new ownership following a £7.75m acquisition.

Evolve Estates, the property management and investment company that is part of M Core, has acquired the out-of-town retail park in what is its 16th retail acquisition so far this year from DTZ Investors.

The park, which sits on a eight acre site, generates an annual rent of £720,000.

Comprising six units over 87,916 sq ft, tenants at the park include Next, B&M, Currys/PC World, Halfords and Charlie’s Stores, with just one unit of 10,018 sq ft being vacant.

Sebastian McDonald-Hall, founding partner of Evolve and chief investment officer of M Core, said: “We remain committed to investing in retail, from individual shop units to larger town centre destinations, because we see this as a strong market to be involved with and we are seeing excellent returns on our investments.

“We have a strong reserve of cash funds, which means we can react quickly when something comes to market that we are interested in, and this has helped us grow our portfolio significantly.

“As intensive asset management specialists, we’re looking forward to putting in place plans that will add value to the site.”

Chris Daly will lead the asset management of the site.

XProp acted for DTZ Investors with Hampson Wall representing Evolve Estates whose legal team on the deal were Clarke Willmott.

Ben Haller, director at DTZ Investors, said of the decision to sell: “The asset sits outside of Fund strategy with the decision to disinvest and utilise the capital toward more core opportunities. Notwithstanding the risks, there is potential for the buyer to maintain an attractive income yield through the leasing cycle as well as the opportunity for wider initiatives to enhance returns. The sale attracted competitive bids from cash and debt-backed buyers, demonstrating liquidity in the sector at the value end.”

M Core has invested more than £160m over 12 months in 25 retail centres. Major acquisitions include Cwmbran Centre in Cwmbran the Galleries in Sunderland and Three Spires in Lichfield.

It has £300m available to invest for assets ranging from £500,000 to £30m and portfolios up to £150m. It is actively seeking sites for acquisition.

Read More:

Plans to turn Cardiff Bay office scheme into apartments

Rebound in office take up in Cardiff

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.