Fri, 19 Nov 2021 | COMMERCIAL PROPERTY
Investment and property management firm London and Cambridge Properties Ltd. (LCP) has continued to expand its retail portfolio with the £1.8 million acquisition of the Russell Street Retail Park in Darlington. LCP has been rapidly increasing its retail portfolio over recent months, acquiring £58 million in multiple assets over the past quarter alone.
LCP has been targeting acquisitions in the convenience parades and local retail centres space. The commercial property firm has a war chest of £300 million available to deploy and is targeting assets that range from £500,000 to up to £30 million.
Its recent acquisitions include Eden Square in Manchester, Lime Square in Openshaw and the Aviemore Shopping Centre and Myrtlefield Shopping Centre in Aviemore, Scotland, which represented the firm’s largest retail acquisition in Scotland so far.
Based on the St Cuthberts Way ring road and close to the Darlington town centre, Russell Street Retail Park is made up of three units totalling close to 25,000 sq ft. One of the units is currently empty, while the others are occupied by the British Heart Foundation and Halfords. The site also includes a 135-space car park.
Commenting on the company’s latest in a string of acquisitions, LCP’s Associate Director – Convenience Parades, Rakesh Joshi, said: "As we seek to invest in convenience parades across the country, we are gaining a reputation as a major player in this thriving sector. We are pleased to add Russell Street Retail Park to our growing portfolio and will continue to seek similar opportunities."
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