LCP ACQUIRES KILMARNOCK SHOPPING PARADE

Commercial property and investment company LCP has acquired a neighbourhood shopping parade in Kilmarnock – its fourth acquisition of a retail parade in Scotland during 2019.

LCP, whose Scotland HQ is in Glasgow, acquired Western Road Shopping Centre on behalf of Sheet Anchor Investments 2 Ltd, one of the LCP group of managed companies.

It agreed a price of £1.098m with Tesco, which has an adjacent store and owned the fully occupied parade of seven, local independent units.

Dermit Smith, associate director retail, said: “LCP has long focused on acquiring local shopping parades and this acquisition fits perfectly with our model of providing a sustainable income stream, thanks to our proactive asset management. Given its densely populated residential location, this is a superb investment and a super facility on many people’s doorsteps.”

LCP was advised by Galbraith. Tesco was advised by EYCO.