M Core, one of the largest, privately held commercial property portfolios in the UK, has acquired a shopping parade in Hartlepool.
It has added The Fens to its growing retail portfolio, a 29,466sq ft outside parade with 28 shops, including Tesco Express, Greggs, Bestway Pharmacy and Heron Foods. M Core bought it off-market for an undisclosed sum and the sale also includes flats – one one-bedroom, four two-bedroom and five three-bedroom – on the first floor.
James Buchanan, group managing director, said: “The first quarter of 2023 has been exceptionally busy, with retail acquisitions across the country totalling more than £120m.
“Our plan to invest in local convenience parades is paying dividends, not just because we have extensive contacts to be able to attract national high street names to our retail locations, but also because local communities benefit from our intensive asset management programmes and enjoy a better shopping experience.
“I know our asset management team is looking forward to getting to know the local tenants and the community at The Fens.”
The agent acting on behalf of M Core was Martyn Collins at Naylors Gavin Black and its solicitor was Catherine Gunz at Osborne Clarke. The solicitor acting for the vendor was Jonathan Heslop at Nicholson & Morgan.
M Core has invested more than £200m over 12 months in more than 30 retail centres. Major acquisitions include Cwmbran Centre, Cwmbran; The Galleries, Washington, Sunderland; Aviemore Retail Park, Aviemore; and Three Spires in Lichfield.
