LCP adds to its retail portfolio with Darlington acquisition
National commercial property and investment company LCP has added a Darlington retail park to its portfolio as it continues its run of acquisitions.
It has bought Russell Street Retail Park, on St Cuthberts Way ring road, which is close to the town centre, for £1.8m.
The park comprises three units with a total of 24,840 sq ft, with occupiers Halfords and the British Heart Foundation, with the final unit void. There is also a 135-space car park.
The acquisition is the latest in a line of retail purchases in recent months. In the past quarter alone, it has acquired £58 million of multiple assets throughout the UK, boosting its portfolio in the key area of convenience parades and local centres. These include Lime Square, Openshaw; Eden Square, Manchester; and Aviemore Shopping Centre and Myrtlefield Shopping Centre in Aviemore, Scotland, which was its largest retail acquisition in Scotland yet.
Rakesh Joshi, LCP’s associate director – convenience parades, said: “As we seek to invest in convenience parades across the country, we are gaining a reputation as a major player in this thriving sector. We are pleased to add Russell Street Retail Park to our growing portfolio and will continue to seek similar opportunities.”
LCP has £300m available to invest for assets ranging from £500,000 to £30m.