LCP has acquired an 220,000 sq ft edge-of-town retail park in Kidderminster, Worcestershire, from Nuveen Estate for an undisclosed price.
Weavers Wharf is located just a few minutes’ walk from Kidderminster town centre and its tenant line-up includes Marks & Spencer, Next and TK Maxx, Café Nero, Boots, Sport Direct, McDonalds and TruGym. Premier Inn is also on the site.
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.”
LCP’s solicitor was Osborne Clarke and Lewis Ellis acted as agent. The vendor’s agent was Morgan Williams and the solicitor was K&L Gates.
McMullen Real Estate and Morgan Williams are the joint agents at Weavers Wharf.
