LCP adds to retail portfolio with Openshaw parade

LCP, the national commercial property and investment company, has taken ownership of a new retail parade in Manchester as it completes its 23rd acquisition of 2021.

It acquired Lime Square Retail Parade in Openshaw for £9.8 million from Dransefield Properties Ltd on behalf of L&C Investments, part of the LCP group of managed companies.

The fully let 21-retail unit estate has a vibrant mix of retail, food and leisure tenants over 76,000 sq ft and is anchored by an 80,000 sq ft Morrisons superstore. Other tenants include Greggs, The Gym, Poundland and B&M.

There is also a car park for 670 vehicles and includes one EV charger for electric vehicles.

Barry Flint, associate director of LCP, said with the centre being only 11 years old, it was a modern retail environment that already attracted significant footfall from local shoppers.

“We are very pleased to have completed this transaction,” he said. “Dranesfield Properties Ltd built and managed a successful retail centre and we are looking forward to investing further in Lime Square over the coming years.”

In the last quarter, LCP has acquired £58 million of multiple assets throughout the UK and it has £300 million available to invest for assets ranging from £500,000 to £30 million. It is actively seeking similar opportunities it can add value to.

Firm Myerson Solicitors LLP advised Dransfield Properties on the legal transaction, while Osbourne Clarke LLP acted for LCP.

Steve Orzel, of Parkdales, acted as the agent for LCP, while Simon Bland of Mason Owen Property Consultants acted for Dransfield Properties.