Officers were called to South Parade at about 6.45pm last night (Tuesday May 10) following reports that four men assaulted a man in his 20s, causing slash wounds to his body.
The victim was taken to hospital, although his injuries are not thought to be life-threatening.
The men reportedly had their faces covered and are believed to have been carrying various weapons.
A man in his 30s was arrested on suspicion of assault and currently remains in police custody.
The men are all described as wearing tracksuits and are believed to have left the area in a silver Volvo estate car, registration T906 HRV.
Officers investigating are keen to trace the vehicle involved and are asking for any witnesses to come forward.
Detective Sergeant Liza Hope said: “We are keen to trace the silver Volvo and I would ask anyone who knows who owns it to contact police.
“While I understand incidents like this can be alarming, we believe this was a targeted attack and we are continuing to follow up a number of lines of enquiry.
“A man in his 30s was arrested last night on suspicion of assault and currently remains in police custody.”
Anyone with information about the incident is asked to call 101 quoting incident number 919 of 10 May 2016.
Information can also be passed anonymously to Crimestoppers by calling 0800 555111.