LCP, the national commercial property and investment company, has acquired another retail parade, adding a shopping centre in Solihull to its burgeoning portfolio.
Shelly Shopping Centre, Monkspath, has 10 retail units – all of which are fully let – and include the Co-operative, Richard Wallance Hairdressers, and J&D Mason Opticians. There are also two office suites and 56 parking spaces.
Rakesh Joshi, LCP associate director – convenience parades, said the centre, which was acquired for an undisclosed sum, was in a prominent position in Farmhouse Way and ideally complemented its retail portfolio.
“This is a well-established precinct that serves a thriving neighbourhood with a selection of nationally known high street and local, independent names,” he said.
“Small centres such as the Shelly Shopping Centre play a vital role in our local communities, which is why we are so keen to invest in them. Our proactive asset management enables us to get the most from the spaces, while ensuring shoppers enjoy a diverse range of shops and services on their doorstep.
“With just one small office suite available, this is a great centre that is a great fit for us.”
Over the past three years, LCP has focused on boosting its local convenience parade portfolio and in the last quarter alone, has acquired £58 million 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 £300 million available to invest for assets ranging from £500,000 to £30 million and is actively seeking sites for acquisition.