Investor snaps up 220,000 sq ft retail park
Commercial property and investment company LCP, part of M Core, has bought an edge-of-town retail park in Kidderminster.
Weavers Wharf is a 220,000 sq ft retail park with anchor tenants Marks & Spencer, Next and TK Maxx, Café Nero, Boots, Sport Direct, McDonalds and TruGym. Premier Inn is also on the site.
LCP bought the centre for an undisclosed sum from Nuveen Estate.
James Buchanan, LCP group managing director, said: “This significant investment demonstrates our appetite for acquisition and our focus on intensive asset management, where we want to realise opportunities for adding value.
“As well as achieving a good return on our investment, we’re committed to improving our retail estate, providing better value for money for tenants and, where there are voids, attracting good-quality brands, ensuring a better shopping experience, and, of course, helping to bring jobs.
“It is thanks to the hard work by our team, who identify the sites for us to acquire, then use their considerable expertise and extensive contacts to attract tenants, that our strategy is working.”
Simon Eatough, director of landlord and tenant at LCP, will lead the asset management team.
M Core is on a strong acquisition drive, investing in all commercial sectors throughout the UK and Europe. Major UK acquisitions include Cwmbran Centre, Cwmbran; The Galleries, Washington, Sunderland; and Three Spires in Lichfield.
It has £300m available to invest for assets ranging from £500,000 to £30m and portfolios up to £150m, and is actively seeking sites for acquisition.
LCP’s solicitor was Catherine Gunz at Osborne Clarke and Simon Lewis at Lewis Ellis acted as agent. For the vendor, agent was Paul Williams at Morgan Williams and solicitor was Chris Swallow at K&L Gates.
