LCP ACQUIRES WEST YORKSHIRE RETAIL CENTRE

LCP, the national commercial property and investment company, has added a shopping centre in Bingley, West Yorkshire, to its growing portfolio.

The 5 Rise Shopping Centre, acquired for an undisclosed sum, is an open-air convenience centre with 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, while Bingley Library is located

Beneath the Home Bargains unit. Only one unit of 1,995 sq ft remains available.

The acquisition comes hot on the heels of its £138 million purchase of The Cwmbran Centre in Wales and the Galleries shopping centre in Washington, Sunderland, and takes the group’s retail acquisitions over the past 12 months to a record £300 million.

George Kearney, asset manager at LCP, said the 5Rise Shopping Centre is at the heart of the community in Bingley, is close to the primary town centre bus stops and forms the main pedestrian link between Aldi and Lidl.

“Bingley is a thriving market town and the centre is well used, with a healthy footfall, so we recognise it as a great investment,” he said.

“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.

“As we are renowned for our proactive asset management approach, we’re looking forward to working with the tenants and local community, as well as attracting a new occupier for that final unit that’s available,” he added.

Over the past three years, LCP has focused on boosting its local convenience portfolio and in the last quarter alone has acquired £58 million of multiple assets throughout the UK, including Lime Square, Openshaw, Manchester; Woolwell Shopping Centre in Plymouth; and Aviemore Shopping Centre and Myrtlefield Shopping Centre in Aviemore, Scotland, which was its largest retail acquisition in Scotland yet.

 LCP has £300 million available to invest for assets ranging from £500,000 to £30 million and is actively seeking sites for acquisition.

 Downes Consulting acted as agent for LCP on the acquisition. For off-market opportunities, contact George Kearney, LCP asset manager: GKearney@lcpproperties.co.uk