M Core acquires £4.4m trio of Scottish retail assets
M Core has acquired three neighbourhood retail assets in Aberdeen for a total consideration of over £4.4m.
The acquisitions add more than 58,000 sq ft of retail space to M Core’s portfolio, and form part of the property collective’s strategy to invest in community-focused assets across the country.
The newly acquired properties include:
- Greenfern Place, Mastrick – a community retail hub spanning 30,563 sq ft with 22 units. Located in a residential catchment area to the north-west of Aberdeen, Greenfern Place is anchored by Boots, Spar, and William Hill. The asset was purchased with seven void units, three of which have already been let, two are currently in legal stages, and two remain available.
- The Green, Portlethen – a 14,994 sq.ft neighbourhood development comprising 15 units, including an RS McColl and a number of takeaways and service retailers. The site was acquired with two void units; one has now exchanged, and the other is under offer.
- Braehead Way Shopping Centre, Bridge of Don – located in one of Aberdeen’s largest residential suburbs, this 11-unit centre includes a range of convenience and professional service providers. The asset offers value-add opportunities, with two vacant first floor suites available at which refurbishment works are currently underway by the landlord. These will be open to all uses, including leisure, office, and restaurant.
M Core has already begun external improvement works across all three sites as part of an initiative to revitalise and reinvigorate assets that had previously been left untouched.
James Buchanan, managing director of LCP, part of M Core, said: “These are three fantastic additions to our growing portfolio in Scotland. Each asset is deeply rooted in its local community and shows strong fundamentals, from footfall and tenant mix to future development potential. We’re energised by the momentum and excited to build on this progress”.
“We invest in established hubs that are key to local communities they serve, and we nurture partnerships with key tenants. Each asset brings opportunities for growth, whether through planned regeneration, tenant diversification, or value-add improvements. As M Core continues to expand, our focus remains firmly on delivering quality retail destinations that seamlessly integrate into the fabric of local life”.