Leading property company London & Cambridge Properties (LCP) has bought four neighbourhood shopping parades – two in Nottinghamshire and two in Yorkshire – as part of its drive to expand in the local convenience shopping sector.
The group has acquired for an undisclosed fee: Fernwood Park Neighbourhood Centre, Newark-on-Trent, and Celtic Point, Celtic Fields, Gateford, Worksop, Nottinghamshire, and Commercial Street and Jail Yard Parade, both in Rothwell, near Leeds, West Yorkshire, to boost its Local Convenience Parades portfolio.
Fernwood Park is a modern 9,260 sq ft development with parking that comprises seven units, including One Stop and Brown’s Café, and Celtic Point is a 14,270 sq ft development and comprises nine units. Tenants include Tesco Express, Dominos, and Betfred.
The new four-unit Commercial Street parade in Rothwell town centre, a 25,329 sq ft development, includes Barnardo’s and The Original Factory Shop among its tenants, while Jail Yard Parade, also in the town centre, includes NatWest, William Hill and Specsavers.
James Millard, retail asset manager for LCP, which is based in the West Midlands, said: “These four key acquisitions signal our intentions to continue investing in the local parades sector, which we consider a crucial aspect of any vibrant community.
“We will be working closely with existing tenants to ensure that the parades look inviting for shoppers and provide the offering they want on their doorsteps. Where there are empty units, we are actively seeking tenants.”
The four acquisitions come less than a month after LCP announced it had bought Severn Square, Alfreton, Derbyshire, a retail parade of six units in the town centre.
Local Convenience Parades is part of London & Cambridge Properties (LCP), one of the UK’s largest property and investment management companies. The group is committed to improving returns and achieving asset growth through intensive management and development of the property portfolio and associated services.
Local Convenience Parades’ focus is on the local convenience shopping sector with a portfolio located across the UK, comprising more than 205 retail sites, 1,620 retail units and in excess of 4 million sq.ft.