Fri, 10 Nov 2023 | COMMERCIAL PROPERTY
Private commercial property collective M Core has completed the acquisition of a multi-retail centre portfolio for £35 million. The Harrier portfolio is comprised of eight retail parks and convenience stores across England and Scotland.
The portfolio includes 18 occupiers and covers more than 334,000 sq ft. Properties within the portfolio are located in the Midlands, North West, North East and South of England and Dumfries, South West Scotland. The properties will be managed by LCP, which is part of M Core.
The main asset in the portfolio is Antelope Retail Park, a multi-let scheme close to Southampton that covers nearly 138,000 sq ft. The park’s tenants include several major national retailers, such as Lidl, Greggs, The Range, KFC Drive-Thru and Costa Coffee.
The other properties are: Meynell Road Retail Park in Darlington; The Range on Leafield Street in Dumfries; Wickes on Moor Street in Bury; a 37,005 sq ft Matalan store on St George's Way, Newport, Isle of Wight; a Morrisons on Parkgate Road, Coventry; and two Co-op stores in Southport and Malmesbury.
James Buchanan, LCP group managing director, commented: "We could not let up this exceptional opportunity to acquire such a high-quality, multi-site portfolio, spanning much of the UK. These assets include significant retail destinations in affluent locations, of a size, scope and social impact that supports our investment goals.”
"We are excited by the potential to deliver enhanced returns through management and improvement, building on the portfolio’s existing mix of well-performing national occupiers and retailers.”
Buchanan added: "This year alone M Core has invested more than £125m in a wide range of retail across the country, and we remain highly active in acquisitions."
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