LCP acquires Yorkshire retail centre
LCP has acquired the 5 Rise Shopping Centre in Bingley for an undisclosed sum.
The 62,094 square foot open-air site has 18 retail units that are anchored by a 17,000 square foot Co-op supermarket. Other retailers with a presence at the centre include Poundland, Home Bargains, Costa, Boots, Greggs, Timpsons and Card Factory.
The purchase follows LCP’s recent £138 million acquisition of The Cwmbran Centre in Wales and the Galleries shopping centre in Washington, Sunderland. It has taken the group’s retail acquisitions over the past 12 months to a record £300 million.
George Kearney, asset manager at LCP, said the 5 Rise shopping centre is at the heart of the community in Bingley, is close to the primary town centre bus stops and forms the main pedestrian link between Aldi and Lidl.
He added: “Bingley is a thriving market town and the centre is well used, with a healthy footfall, so we recognise it as a great investment. We understand just how important these smaller, local centres are to the communities they are located in and have focused our acquisitions over the past few years on this sector.”
In the last quarter, LCP has acquired £58 million worth of multiple assets throughout the UK, including Lime Square, Openshaw, Manchester; Woolwell Shopping Centre in Plymouth; and Aviemore Shopping Centre and Myrtlefield Shopping Centre in Aviemore, Scotland. The company is still actively seeking sites for acquisition.
