LCP, the national commercial property and investment company, has recorded a 28% increase in acquisitions in Scotland in the first year since it opened its first dedicated office in Glasgow.
In just 12 months, the Scotland portfolio has grown in value from £65.5 million in June 2017 to £91.2 million in June 2018 and now comprises 41 holdings with more than 330 occupiers.
Its recent acquisitions include Bathgate Retail Park, near Livingston, whose tenants include Argos, Lidl and B&M; a portfolio of 24 units at Southfield Industrial Estate, Glenrothes; and Drumchapel Shopping Centre, near Glasgow.
The company, which opened its Glasgow office in May last year with the aim of strengthening its presence in Scotland and growing its property portfolio, said it remains optimistic about the buoyancy of the commercial property market and is committed to acquiring, investing and improving both retail and industrial sites.
“We pride ourselves on taking a long-term view of the assets we purchase, some of which are unloved or neglected by previous owners,” said Roddy Proudfoot, LCP asset manager.
“It’s important for us to take the time to meet and understand our tenants, as well as their business priorities, allowing us to invest in each location for the benefit of both occupiers and community. This intensive management is key to our success and it also means we can enhance returns and maximise asset growth.”
Roddy said that all of its acquisitions offer significant opportunities for improvements and refurbishments, which will help to attract new tenants to any void units.
“We visit each site regularly, get to know the tenants and work hard to improve the quality of each location, driving value in the process,” he said.
“This hands-on approach has always served LCP well across the UK and it continues to be the case in Scotland. We’re really benefitting from having a local team on the ground and we anticipate further acquisitions over the next few months.”