M Core adds three to retail portfolio

The investment group’s Sheet Anchor Evolve subsidiary has acquired a further three Northern shopping centres, picking up Warrington’s Cockhedge retail park, Harrogate’s Victoria shopping centre and Whitley Bay’s Park View.

M Core, which has been a prolific buyer throughout the North in recent years, said the trio of deals reflects its long-term investment in well-located retail schemes.

The acquisitions form part of M Core’s wider UK activity during 2025, with Sheet Anchor Evolve leading on asset management and occupier engagement across the portfolio.

Cockhedge Retail Park, Warrington

Extending to around 170,000 sq ft, this is a centrally located retail park, mostly offering everyday retail, with occupiers including Asda, Savers, Greggs, and Card Factory, JD Gyms is present, while slide park Slidie Sliderson is due to open in February.

Altered/Space has been working in partnership with funding partner Oaktree Capital at Cockhedge, repositioning the asset in a £3m programme that involved removing 65,000 sq ft of retail space as part of a wider redevelopment that also involves the advancement of a residential quarter with partners including the council.

Altered/Space still holds land at the front of the site, presently home to Buzz Bingo and car parking, where in a combined masterplan with Warrington Council there is consent for up to 900 homes; and also owns a retail unit at the rear of the site where it has consent for a GP hub.

Park View Shopping Centre, Whitley Bay

The 45,000 sq ft centre serves the local and surrounding residential areas and is anchored by nationals including Sainsbury’s, Boots, Costa, Iceland, Home Bargains and Superdrug. It was developed in 2004 and had been on the market for £4m.

Victoria Shopping Centre, Harrogate

This 73,027 sq ft town centre shopping destination is also anchored by national retailers, blending lifestyle and everyday shopping. Tenants include TK Maxx, Sports Direct, and Next. Opened in 1992 as a replacement for the town’s market hall, it was put up for sale by the local authority in 2023 for £6m.

Danny O’Keefe, co-founder of Sheet Anchor Evolve, said: “These retail assets demonstrate exactly what we look for, well-established locations where active management and close occupier engagement can drive sustained performance.”

Sebastian Macdonald-Hall, chief investment officer at M Core, said: “We continue to invest selectively in retail assets across the UK where strong locations and long-term ownership underpin resilient income and sustainable value.”

M Core describes itself as a pan-European collective of property investment, management, and development companies, which includes LCP, Sheet Anchor, Proudreed, and Sheet Anchor Evolve.

Established in 1987, the group has a multi-billion pound portfolio of assets and employs around 500 people across the UK and Europe.