Lancaster landlord adds to portfolio with £10.5m deal

A LONDON investment fund has consolidated its position in Lancaster city centre after acquiring 44,000 sq ft of retail space for £10.5m.

Rockspring Property Investment Managers, which already owns the St Nicholas Arcades shopping centre, has bought an adjacent parade of eight shops at 1-11 Penny Street and 2, 6-8, and 10 Lancaster Gate. Occupiers include Superdrug, Topshop and O2.

The deal was conducted through the Rockspring Hanover Property Unity Trust, known as the Hanover Fund, from Bolton-based landlord Gordon Moon Properties.

James Gordon of Gordon Moon Properties said: “By ensuring a mix of high quality retailers, we have created a valuable asset extending through St Nicholas Arcade and round on to Penny St, the town’s prime retail parade. The sale enables us to focus on new opportunities and continue to develop our portfolio throughout the North West.”

Hanover Fund Manager Mischa Davis said: “The retail assets in Lancaster, when combined with our existing ownership of the adjacent shopping centre, provide an opportunity for us to take a dominant position in the town’s core retail area and increase our asset management options.”

Gordon Moon was advised by CBRE while Knight Frank, Bradys and Reith Lambert acted for Rockspring.