LCP on course for biggest year of retail acquisitions yet after bumper half year
National commercial property and investment company London and Cambridge Properties is on course for its busiest year of retail acquisitions yet after investing almost £119 million in the first six months of 2022.
The group, which has its headquarters in Kingswinford, has ramped up its acquisitions this year, bringing 14 retail centres into its growing portfolio, including destination venues such as Cwmbran Centre, Wales; The Galleries, Sunderland; and Three Spires Shopping Centre in Lichfield.
Smaller, regional centres have also remained a strong target for the group, with acquisitions including 5 Rise, Bingley; Britten Centre, Lowestoft; and Exchange Walk, Nottingham.
In total, the newly acquired centres have added about 1.9 million sq ft to its existing 15m sq ft of retail space across 400 sites in Great Britain, which have more than 3,750 different tenants, from high street giants to local independents.
James Buchanan, managing director of LCP Group, said: “Our pro-active management strategy ensures we add value to these assets because we are committed to investing and improving them. This has a double-pronged effect: it makes them more attractive places for local shoppers, which in turn helps us to bring in new tenants.
“Our expert asset management team really understand the markets they work in and use their local knowledge to attract tenants they know will work well in certain markets. This demonstrably broadens the appeal of centres for local people, providing diversity in food and beverage, retail and leisure from local operators to national names.
“Occupancy levels are above the national average at 95 per cent and thanks to our strong relationships with some of the country’s biggest retail names that are looking to open new sites, we enjoy a significant success rate in bringing them to our centres.
“Innovation is also key to our success, with six Microshops, which provide small retail pods for fledgling retailers, craftspeople and designers, open in England and Scotland in high footfall locations. We have 76 microbusinesses operating from a Microshop and we are due to open a seventh venue later this summer.”
LCP has a £300mn budget to invest in its retail portfolio in 2022 and will consider standalone properties, convenience parades, neighbourhood or local retail centres with a value from £500,000 to £30m, or retail portfolios up to a value of £150m.
