LCP’s growth continues with acquisition of Essex retail park05/01/2023
The LCP Group has acquired a new retail park in Harwich, Essex – marking more than 20 retail acquisitions in 12 months.
The Group, which is part of M Core, the acquisitive commercial property collective that has invested more than £160 million over 12 months in retail assets, has added Gateway Retail Park to its growing portfolio after completing the deal for an undisclosed sum.
With eight units, it is anchored by a 26,000 sq ft B&M Homestore, with other tenants being: Argos, Carpetright, Card Factory, Peacocks, Domino’s, and Greggs. There is one current vacant unit of 2500 sq ft, which is being marketed, and the park is served by a 215-space car park.
Located just one mile from Harwich town centre, the 55,984 sq ft retail park is also close to the international port and railway station and is part of major retail provision in the area, with Lidl, Home Bargains and Morrisons all on the doorstep.
James Buchanan, Group Managing Director of LCP, said: "We're pleased to have acquired Gateway Retail Park in what is an exciting time for our Group.
"As a company that is committed to investing in retail, from small, neighbourhood parades right up to larger, urban destination centres, we have a dedicated team of expert asset managers who have a deep understanding of the market and impressive contacts of retailers who want to find new premises.
"We're now looking at how we can add value to this already well used retail centre and believe there is real potential for growth there."
Nick Bryson, of LCP, part of the LCP Group, has been appointed Asset Manager.
Morgan Williams acted as vendor’s agent and LCP was represented by Lewis Ellis & Co. Morgan Williams and Prime Retail have been retained as marketing agents.
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 LCP Group has £300 million available to invest for assets ranging from £500,000 to £30 million and portfolios up to £150 million. It is actively seeking sites for acquisition.