EBBW Vale's Festival Park retail site has been sold, with the new owners revealing exciting plans for its reinvigoration.

The shopping centre, along with 75 acres of parkland, are being worked up to reposition Festival Park as an activity and retail hub for Blaenau Gwent borough and the wider region.

London-based investor GWM Capital has bought the site, with Metis Real Estate taking over asset management of the scheme for them.

Metis will be working closely with the strong onsite team and it’s existing tenants to reinvigorate the shopping and outdoor activity destination.

The 9,121 sq m (98,175 sq ft) shopping centre opened five years after the 1992 National Garden Festival of Wales.

It has a strong mix of national brands such as Gap, Sports Direct, Poundland Holland & Barrett and Edinburgh Woollen Mill but also some local and regional brands which provide a strong point of difference from other shopping schemes.

Metis has already renewed leases with various high profile retailers and are in negotiations with various new entrants.

Paul Jones, director of Metis Real Estate, said: "We are very excited to be advising GWM Capital on the Festival Park site.

"The legacy of the former garden festival site has provided a unique destination with tremendous potential. We are currently working on a master plan with a range of partners which will springboard the shopping centre and parklands into a major shopping destination and tourist attraction.

"We are delighted that many of our current retailers have recommitted to the scheme in recent months and we are currently in talks with some major retailers and attractions which will support our strategy of re-energising the centre and parklands.

"Very positive meetings with existing retailers, Blaenau Gwent County Borough Council and the Welsh Government have taken place and we expect shortly to be in a position to unveil an exciting masterplan detailing our new vision for this unique destination.”

These plans will be unveiled in the new few weeks.