Retail centre deal offers commercial opportunity for investment vehicle

Lancashire-based LSC Property Holdings has acquired New Hall Hey Retail Park from Aegon Property Income Fund in an undisclosed multimillion-pound deal.

The 80,000 sq ft site in Rawtenstall is occupied by household retailers such as Aldi, Card Factory, Costa, Domino’s, Home Bargains, Iceland, Marks & Spencer, Pets at Home and TK Maxx.

LSC Property Holdings, based in Rossendale, is a new property investment vehicle set up by Shaun Morley and Adam Turner who are also directors of LSC Finance, LSC Capital and Lyndhurst Shoe Company.

Adam Turner said: “The Rawtenstall acquisition is an exciting step for the new arm of our business.

“After building a significant residential portfolio we have been looking to expand and venture into commercial property investment.

“As we are Rawtenstall born and bred we really wanted to make this our first major commercial acquisition when the opportunity arose.”

Law firm Knights advised LSC Property Holdings on the deal having supported Shaun and Adam on many matters in recent years for each of their companies.

Leo Rossiter, partner at Knights, said: “We’re delighted to have supported Shaun and Adam on this acquisition.

“2020 was a disruptive year for retail so it’s great to see this deal complete as we move into 2021.”

Eileen Duncan and Rebecca Harris led the team at Trowers & Hamlins, acting for Aegon Property Income Fund, instructed by Chris Munday.