Retail centre acquired as commercial property group beefs up its portfolio
LCP, a national commercial property and investment company, has acquired a shopping centre in Bingley.
The 5Rise Shopping Centre, acquired for an undisclosed sum, has 18 retail units over 62,094 sq ft. It is anchored by a 17,000 sq ft Co-op supermarket with other retailers including Poundland, Home Bargains, Costa, Greggs, Timpsons and Card Factory.
Other occupiers include Boots, BetFred and a Harvester pub.
The latest acquisition takes the group’s retail acquisitions over the past 12 months to a record £300m.
George Kearney, asset manager at LCP, said: “Bingley is a thriving market town and the centre is well used, with a healthy footfall, so we recognise it as a great investment.
“We understand just how important these smaller, local centres are to the communities they are located in and have focused our acquisitions over the past few years on this sector.
“We’re looking forward to working with the tenants and local community, as well as attracting a new occupier or that final unit that’s available.”
Over the past three years, LCP has focused on boosting its local convenience parade portfolio and in the last quarter alone has acquired £58m worth of multiple assets throughout the UK.
LCP has £300m available to invest for assets ranging from £500,000 to £30m and says it is actively seeking more sites for acquisition.
Downes Consulting acted as agent for LCP on the Bingley acquisition.
