LCP continues retail expansion with Daventry acquisition
LCP, the national commercial property and investment company, has acquired Bowen Square in Daventry, Northamptonshire, as it continues its commitment to boosting its retail portfolio.
The 110,395 sq ft shopping parade is anchored by Waitrose and has 38 shops, including Boots, Greggs, Dominoes and Subway. It has an average footfall of about 87,000 a week.
James Buchanan, managing director, said it had already invested in retail centres, including in Ecclesfield, Hartlepool and Rochdale, in 2020.
“We have been tracking this particular district centre for a long time as it has key attributes we look for, with high-performing anchor tenants, a diverse range of independent and national tenants, and a strong community catchment,” he said.
“At a time when the property investment sector is slowing down its investments within retail we are primed, with £300 million available for assets ranging from £500,000 to £30 million.”
Martin Wade, LCP asset manager, added: “Over the past three years, we have focused on boosting our local shopping centre portfolio because they provide an excellent investment opportunity.
“Our intensive asset management approach means that we are able to attract high street names and we also work closely with the independent tenants to ensure each centre operates effectively and to maximum capacity.”
LCP has a further £300 million to invest in local district centres, convenience parades and retail centres.
Bowen Square has more than 90 parking spaces, with a further 500 spaces adjacent, at a 45,000 sq ft Tesco.
Nick Hart and Alex Buller from JLL acted as agents for the acquisition.