Sports Direct owners buy Lancaster shopping precinct

Sports Direct owner Frasers Group has bought St Nicholas Arcade, the main shopping centre in Lancaster.

The purchase of the 160,000 sq ft St Nics, as it is known locally, is just the latest by the retail giant to acquire shopping centres.

Last year it bought The Mall in Luton for £58m, the Overgate shopping centre in Dundee for around £30m and the Frenchgate shopping centre in Doncaster.

Other moves are understood to be on the Princesshay shopping centre in Exeter.

Tenants of the Lancaster centre include Next, Boots, HMV and Trespass, which claims 4 million visitors a year.

Frasers Group chief executive Michael Murray, the son-in-law of founder Mike Ashley, said: “At Frasers, we have always been strong believers in physical retail, and this acquisition demonstrates our ongoing commitment to supporting brick-and-mortar in the UK.

“By acquiring key retail sites, we are able to unlock new growth opportunities and revitalise high streets across the country, delivering unparalleled shopping experiences for consumers.

“This acquisition is also another step in developing our property segment, which is set to deliver significant long-term value for the group.”