National commercial property and investment company LCP, part of M Core, has acquired a busy edge-of-town retail park in Kidderminster, Worcestershire.
Weavers Wharf is a 220,000 sq ft retail park, just a few minutes’ walk from Kidderminster town centre, with anchor tenants Marks & Spencer, Next and TK Maxx, Café Nero, Boots, Sport Direct, McDonalds and TruGym. Premier Inn is also on the site.
LCP acquired the centre for an undisclosed sum from Nuveen Estate as part of its proactive acquisition drive in shopping parades, centres and retail parks across the country.
James Buchanan, LCP group managing director, said “This significant investment demonstrates our appetite for acquisition and our focus on intensive asset management, where we want to realise opportunities for adding value.
“As well as achieving a good return on our investment, we’re committed to improving our retail estate, providing better value for money for tenants and, where there are voids, attracting good-quality brands, ensuring a better shopping experience, and, of course, helping to bring jobs.
“It is thanks to the hard work by our team, who identify the sites for us to acquire, then use their considerable expertise and extensive contacts to attract tenants, that our strategy is working.”
Simon Eatough, director of landlord and tenant at LCP, will lead the asset management team.
Situated on the edge of the West Midlands bordering Worcestershire, 17 miles south-west of Birmingham and 15 miles north of Worcester, Weavers Wharf Shopping Park is accessed via the A456 Park Butts Ringway. There is a pedestrian link to the high street and the adjacent Tesco Superstore.M Core is on a strong acquisition drive, investing in all commercial sectors throughout the UK and Europe. Major UK acquisitions include Cwmbran Centre, Cwmbran; The Galleries, Washington, Sunderland; and Three Spires in Lichfield.
It has £300 million available to invest for assets ranging from £500,000 to £30 million and portfolios up to £150 million, and is actively seeking sites for acquisition.LCP’s solicitor was Catherine Gunz at Osborne Clarke and Simon Lewis at Lewis Ellis acted as agent. For the vendor, agent was Paul Williams at Morgan Williams and solicitor was Chris Swallow at K&L Gates.
