LCP has acquired Alexandra Retail Park on Alexandra Road, Grimsby, for an undisclosed sum from an institutional vendor.
The 125,695 sq ft retail park comprises eight units and boasts a tenant line-up of Matalan, SCS, The Food Warehouse, My Energi, Argos, Pets at Home and Poundstretcher.
The asset is located next to a Sainsbury’s supermarket and has direct access off Corporation Road – one of the key routes through the centre of Grimsby
James Buchanan, group managing director at LCP, which is part of M Core, said: “Our asset management team is working hard to identify sites that have potential for us to add value to, provide good value for money for tenants, a great shopping experience for local people and a good return on our investment.
“M Core has already invested more than £100m in the first half of 2023 across the UK. We continue to believe this is a strong and positive market to be in and because we have healthy cash reserves, we can move swiftly when we want to complete a transaction. This approach has stood us in good stead for years, which is why we are renowned in the commercial property sector for our acquisition and intense asset management strategy.”
Barry Flint, LCP director and asset manager at Alexandra Retail Park, added: “Alexandra Retail Park is well positioned in the town and has a strong tenant line-up. We’ll be exploring options over the next few weeks to see how we can add to it further.”
The solicitor acting on behalf of LCP was Osborne Clarke and ESH acted as the agent for LCP. Savills acted as an agent for the vendor, and its solicitor was Gowling WLG (UK). Edgerley Simpson Howe and PPH Commercial are joint letting agents on the park.
