M CORE ACQUIRES CAMBRIDGE SUBURB RETAIL PARADE

M Core, one of the largest, privately held commercial property portfolios in the UK, has added to its retail portfolio with the acquisition of a new retail parade in a Cambridge suburb.

The Mall at Viking Way, Bar Hill, a 13-retail unit centre, was acquired for an undisclosed sum.

The 29,904 sq ft parade, which is nine miles northwest of Cambridge city centre, is anchored by Tesco Extra and other tenants include Costa Coffee, Ladbrokes and Card Factory.

James Buchanan, Group Managing Director of LCP Group, which is part of M Core, said: “We’ve had an extremely busy year, acquiring 25 new retail parades and shopping centres as part of our long-term strategic plan to invest in the retail sector.

 “The Mall is already well occupied but there is significant opportunity to improve the tenant mix, which would provide local shoppers with even more choice on their doorstep.

“With the town project of Northstowe taking place nearby, we are confident that The Mall will continue to thrive and our asset managers are already working hard to explore options.”

In the past 12 months alone, the LCP Group has acquired 25 centres, with major acquisitions including Cwmbran Centre, Cwmbran; The Galleries, Washington, Sunderland; Aviemore Retail Park, Aviemore; and Three Spires in Lichfield.

The centre will be managed by LCP Asset Manager George Kearney.

LCP’s agents for The Mall acquisition was William Wynn-Williams from Somerford Real Estate and the solicitor was Osborne Clarke. Bidwells were the agents for the vendor.

M Core has invested more than £160 million over 12 months in 25 retail centres. Major acquisitions include Cwmbran Centre, Cwmbran; The Galleries, Washington, Sunderland; Three Spires in Lichfield.

It has £300 million available to invest for assets ranging from £500,000 to £30 million and portfolios up to £150 million, and is actively seeking sites for acquisition.