LCP Group, the national commercial property and investment company, has completed its largest retail acquisition in Scotland yet, as it continues to grow its portfolio.
It has completed a deal with property developer Upland Properties for a portfolio of 12 retail assets, including two shopping centres, in Aviemore, for an undisclosed sum.
The shops are all located along Grampian Road – the main shopping destination in the town – offering a wide variety of services and both local and national businesses, including Mountain Warehouse, Ellis Brigham, Blacks Outdoor Leisure, Trespass, M Gelato and Bothy Bikes.
Aviemore Shopping Centre sits in a prime location on Grampian Road and is the main focus of commercial activity in the town, providing 22,000 sq ft of space with 17 tenants across multiple units, while the 13,000 sq ft Myrtlefield Centre sits further to the north, close to the new town centre retail park, and comprises 13 occupiers.
The portfolio, which is currently fully let and totals 65 tenants, forms a significant part of the town’s main shopping area. The acquisition also includes the Woodside Village neighbourhood centre in Westhill, Inverness.
James Buchanan, managing director of LCP, said: “This is a significant acquisition for our Scotland portfolio, which centres on local convenience and regional centres. We continue to actively seek suitable sites that we can add value to and have £300 million available to invest for assets ranging from £500,000 to £30 million.”
Roddy Proudfoot, associate director at LCP Management, which has been appointed to asset manage the portfolio, added: “Aviemore is an increasingly popular year-round tourist destination and Grampian Road is at the heart of the town.
“The properties lie in prime, high footfall locations along Grampian Road between the railway station and retail park, and also includes the popular Granish Way neighbourhood development at Dalfaber.
“The portfolio forms a significant part of the shopping area and we are very much looking forward to working with the tenants to ensure that Aviemore town centre continues to thrive, satisfying increasing customer and occupier demand.
“We are committed, long term investors and will look to apply our asset management expertise to ensure that improvements continue to be made for the benefit of the local community and its many visitors.”
MacRoberts LLP and Cushman & Wakefield advised LCP Group on the off-market acquisition.