London & Cambridge Properties (LCP) has strengthened its hold in the UK local convenience retail sector by acquiring a £36.65 million nationwide portfolio of neighbourhood shopping parades.
The addition of the Navigation portfolio to the Local Convenience Parades division of LCP – one of the UK’s leading property investment and management companies – brings its investment in small, neighbourhood centres to more than £110 million this year alone.
LCP has targeted investing £100 million a year in local parades over the next five years.
The new portfolio, acquired by Allsop LLP from commercial property consultants Mason and Partners, comprises 19 sites that stretch from as far north as Kilsyth, North Lanarkshire, down to Worthing, West Sussex. Five are located in prime town centre positions.
In total the portfolio includes mainly freehold sites with 171 retail units, totalling approximately 259,000 sq.ft, with an average unexpired lease term of 8.5 years.
Tenants include a mixture of well-known national multiples including Tesco Express and Sainsbury’s local as well as a range of independent retailers and service providers.
James Buchanan, investment director of LCP, said the acquisition was a significant boost to its retail portfolio.
“The local and convenience shopping sector has become an increasing focus for us. This portfolio offers LCP numerous asset management opportunities, including redevelopment. Most of the centres are fully let and are thriving, however, as a pro-active property investment company we will now be looking at how we can further improve the sites. We are actively seeking more sites and welcome all introductions.”