£10m deal to acquire suburban retail centre

Commercial property and investment company LCP has acquired a retail centre in Bramley, Leeds.

LCP purchased Bramley Shopping Centre for £10m on behalf of Sheet Anchor Investments, one of the LCP Group of managed companies.

It is the latest in a string of acquisitions in the past six months, representing an £80m investment in convenience-led retail parades. They include: Bowen Square, Daventry; Hillsborough Barracks, Sheffield; Swanley Square in Sevenoaks, Kent; The Square, Manchester; and Mavery House, Diss.

James Buchanan, LCP managing director, said: “The first quarter of 2021 has been particularly busy for us with acquisitions in the local convenience-led retail sector, which is where we have focused our efforts over the past few years.

“With £300m available to invest for assets ranging from £500,000 to £30m, we are seeking similar opportunities that we can add value to.”

Rakesh Joshi, associate director (convenience parades) at LCP, added: “We are pleased to have invested in this popular Leeds development, which is a popular and busy suburban centre that has huge potential.

“We’re looking forward to working with existing tenants and attracting new names to the site.”

The centre, about four miles north west of Leeds city centre, is anchored by Tesco and comprises 47 retail units, including Greggs, Costa Coffee, Poundstretcher and Boots. There are 250 parking spaces, providing 2.5 hours of free parking.

The agent acting for LCP was Simon Ellis from Lewis Ellis LLP.

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