West Midlands-based leading property and investment management company London & Cambridge Properties (LCP) has boosted its retail portfolio after buying a shopping parade in Derbyshire.
The group’s Local Convenience Parades division has bought Severn Square, Institute Lane, Alfreton, for an undisclosed sum, as part of the company’s plans to expand in the local mall sector.
The parade, which is situated just behind the town’s bus station, comprises six retail units, including Peacocks, as well as an independent café, frozen food store, and two charity stores, plus a suite of offices on the first floor.
Matt Pegg, retail asset manager for LCP, which is based in Pensnett, West Midlands, said: “We are focusing on enhancing our portfolio of local shopping parades, which we consider a vital component of any community.
“As the new owners of Severn Square, we are keen to work very closely with the tenants and ensure that the parade looks inviting for shoppers and provides the offering they want on their doorsteps.”
After implementing LCP’s investment and management strategy, the parade is expected to yield 9.5%.
Severn Square is the latest acquisition for LCP’s Local Convenience Parades.
Local Convenience Parades is part of London & Cambridge Properties (LCP), one of the UK’s largest property and investment management companies. The group is committed to improving returns and achieving asset growth through intensive management and development of the property portfolio and associated services.
Local Convenience Parades’ focus is on the local convenience shopping sector with a portfolio located across the UK, comprising more than 205 retail sites, 1,590 retail units and in excess of 4 million sq.ft.