PROPERTY GIANT BUYS SOUTHAMPTON RETAIL PARK AS PART OF £35 MILLION PORTFOLIO DEAL22/11/2023
M Core, one of the UK’s largest, privately held commercial property collectives, has bought Antelope Retail Park, in Southampton, as part of a £35 million multi-retail centre acquisition.
The dominant centre in the portfolio, the park extends to nearly 138,000 sq ft. It is anchored by strong performing, national retailers including The Range, Lidl, Ninja Warrior, KFC Drive-Thru, The Gym, Greggs and Costa Coffee.
LCP Group Managing Director James Buchanan said: “We could not let up this exceptional opportunity to acquire such a high-quality, multi-site portfolio, spanning much of the UK. These assets include significant retail destinations in affluent locations, of a size, scope and social impact that supports our investment goals.
“We are excited by the potential to deliver enhanced returns through management and improvement, building on the portfolio’s existing mix of well-performing national occupiers and retailers.
“This year alone M Core has invested more than £125 million in a wide range of retail across the country, and we remain highly active in acquisitions. Our experienced asset management team are proactively seeking out opportunities across the country, with funds of £300 million available to invest in assets ranging from £1 million to £100 million.”
Other centres and convenience stores in the eight-strong portfolio are: Meynell Road Retail Park, Darlington, a 28,866 sq ft shopping park with B&M and McDonalds; a 37,005 sq ft Matalan store, St George’s Way, Newport, Isle of Wight; Morrisons, Parkgate Road, Coventry; The Range, Leafield Street, Dumfries; Wickes, Moor Street, Bury; Co-op store in Fylde Road, Southport; and Co-op, Gloucester Road, Malmsbury.
M Core has invested more than £560 million in 90 shopping centres, retail parks and convenience parades in the last three years alone across the UK. Notable acquisitions include Weavers Wharf, a 220,000 sq ft retail park in Kidderminster; M Park Central 12, a dominant tourist destination in Southport; and The Viking Centre, a regional retail centre in Jarrow Tyne and Wear, which is anchored by Morrisons, Boots and B&M.
Other major retail centres in its overall portfolio include Grosvenor Shopping Northampton, a 319,048 sq ft prime retail, leisure and events centre and M Park Alexandra, a modern 125,695 sq ft retail park in Grimsby, Lincolnshire, which is anchored by Matalan, SCS, Iceland, Poundstretcher and Pets at Home.
Catherine Gunz, Osborne Clarke and Kelsey Gibson, Morton Fraser MacRoberts LLP acted on legal advisory in their respective jurisdictions; Jeremy Hodgson at Allsop LLP advised M Core on the purchase. The solicitors for the vendor were Knights PLC and the agent for the vendor was Knight Frank LLP.