AN ABERYSTWYTH retail park is under new ownership after being snapped up by Mayfair-based Evolve Estates.

Evolve Estates, a national property management and investment company that is part of M Core, has acquired an out-of-town Parc-y Llyn Retail Park – its 16th retail acquisition of 2023.

Parc-Y-Llyn Retail Park has joined its rapidly growing retail portfolio after it was acquired for an undisclosed sum.

Comprising six units over 87,916 square ft, tenants are Next, B&M, Currys/PC World, Halfords and Charlie’s Stores, with just one unit, for former Carpetright store, being vacant.

The acquisition does not include the site of Morrisons supermarket.

Conveniently located, it is about 1.5 miles from the town centre and a short walk from both the Welsh government offices and Ceredigion County Council offices.

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.

M Core has invested more than £160 million over 12 months in 25 retail centres. Major acquisitions include Cwmbran Centre, Cwmbran; The Galleries, Washington, Sunderland; and Three Spires in Lichfield.

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

LCP’s solicitor was Clarke Willmott and the agent was Hampson Wall. XProp acted as agent for the vendor, and its solicitor was CMS.