Property investment company M Core has added to its extensive portfolio in the South West by acquiring a retail park in Devon.
Chapel Street Retail Parade in Exmouth includes seven ground-floor retail units totalling around 21,700 sq ft in the town’s primary shopping area and next to its main shoppers’ car park.
Occupiers include Caffè Nero, Greggs, Mountain Warehouse, The Works and Superdrug.
One unit is currently vacant and will be the focus of near-term leasing activity. Asset management will be led by George Watson, senior asset manager at LCP UK, part of M Core.
M Core, based in Dudley, West Midlands, already has three properties in Exmouth, including The Strand and The Cornerhouse, among its South West retail and trading estate portfolio, which stretches from Swindon and Cheltenham to Plymouth and includes The Shires in Trowbridge and Crowne Trading Estate in Shepton Mallet.
The firm also has holdings in Poland, Romania, France and Germany.
James Buchanan, group managing director, LCP UK, said the Exmouth deal, along with acquisitions in Halifax, Brighton and Liverpool, extended its UK retail presence into locations with strong occupier bases and clear asset-management opportunities.
“Our in-house team will focus on occupier retention, void reduction and long-term decisions that protect income and support the communities these assets serve,” he added.
Catherine Gunz, legal director at Osborne Clarke, acted on behalf of the purchasers across all four transactions.
Richard Bashford of CBRE acted on behalf of the vendor for Chapel Street Retail Parade.