Evolve Estates announces the latest acquisition of Matalan’s retail unit, Swansea, adding to its expanding portfolio.

Evolve Estates, part of the commercial property and investment collective M Core, has acquired the Matalan Foundry Road out-of-town retail unit in Swansea. The purpose-built retail warehouse is 24,960 sq ft and is on a 3.87-acre site. 

The unit is situated on Foundry Road, close to the main arterial routes into Swansea. This site is a strong performer for Matalan, which has committed to a 15-year lease. The property boasts a 178-space customer car park to the front, with McDonald’s located opposite.

Danny O’Keefe, Co-Founder at Evolve Estates , said: “This acquisition aligns perfectly with our vision to grow our portfolio in the retail warehouse market. Demand for retail warehouse spaces remains robust, and this sector is poised for continued rental growth. We will be looking to add value through our in-house asset management platform which will drive the asset forward.”

Swansea is the largest city in West Wales, with a regional population of 560,000. It boasts two universities, Swansea University and the University of Wales Trinity Saint David, with a student population in excess of 24,000. The city’s population is estimated to grow by 10.4% by 2036.

Swansea is home to major public service organisations and employers, such as the Driver Vehicle Licensing Authority (DVLA) and HM Land Registry. Ranked 38th in terms of total retail spend available within the Primary Retail Market area, Swansea will further benefit from its inclusion in the Swansea Bay City Deal, which pledges to invest £1.3 billion in 11 major projects across the Swansea Bay City Region, estimated to create over 10,000 jobs over the next 15 years and boost the regional economy by £1.8 billion. 

Jack Lavin, Stockford Anderson acted for Evolve and Daniel Evans, Powell Lloyd, acted for the Vendor.