Property investor LCP has added a West Yorkshire shopping centre to its growing portfolio.
The national commercial property and investment company, has snapped up the 5 Rise Shopping Centre in Bingley for an undisclosed sum.
The open-air convenience centre has 18 retail units spread over 62,094 sq ft, anchored by a 17,000 sq ft Co-op supermarket, with other retailers including Poundland, Home Bargains, Costa, Greggs, Timpsons and Card Factory.
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The centre, which also has a Boots, BetFred and a Harvester pub, also has Bingley Library based beneath the Home Bargains unit. Only one unit of 1,995 sq ft remains available.
The acquisition comes hot on the heels of its £138m purchase of The Cwmbran Centre in Wales and the Galleries shopping centre in Washington, Tyne and Wear, and takes the group’s retail acquisitions over the past 12 months to a record £300m.
George Kearney, asset manager at LCP, said the 5 Rise Shopping Centre is at the heart of the community in Bingley, is close to the primary town centre bus stops and forms the main pedestrian link between Aldi and Lidl.
He said: "Bingley is a thriving market town and the centre is well used, with a healthy footfall, so we recognise it as a great investment.
“We understand just how important these smaller, local centres are to the communities they are located in and have focused our acquisitions over the past few years on this sector.
“As we are renowned for our proactive asset management approach, we’re looking forward to working with the tenants and local community, as well as attracting a new occupier or that final unit that’s available."
Based in Dudley, West Midland, LCP has spent the past three years boosting its local convenience parade portfolio.
In the last quarter alone it has acquired £58m of multiple assets throughout the UK, including Lime Square, Openshaw, Manchester; Woolwell Shopping Centre in Plymouth; and Aviemore Shopping Centre and Myrtlefield Shopping Centre in Aviemore, Scotland, which was its largest retail acquisition in Scotland yet.
LCP has a £300m cash pot available to invest in assets ranging from £500,000 to £30m and is actively seeking sites for acquisition.
Downes Consulting acted as agent for LCP on the acquisition.
