Aegon offloads Lancashire retail park
The fund manager sold the 80,000 sq ft New Hall Hey Retail Park off Swanney Lodge Road in Rawtenstall to local investor LSC Property Holdings for an undisclosed sum.
LSC Property is an investment vehicle set up by Shaun Morley and Adam Turner who are also directors of development finance firm LSC Finance.
The New Hall Hey acquisition is the company’s first commercial sector buy, as it previously focussed on residential properties.
Turner said: “This acquisition is an exciting step for the new arm of our business. After building a significant residential portfolio we have been looking to expand and venture into commercial property investment.
“As we are Rawtenstall born and bred we really wanted to make this our first major commercial acquisition when the opportunity arose.”
Occupiers at the retail complex include Aldi, Card Factory, Costa Coffee, Home Bargains, Iceland, M&S, Pets at Home and TK Maxx.
The first phase of the park, comprising 40,000 sq ft, was developed by Hurstwood Holdings and completed in 2007.
However, the complex remained empty for several years, and has changed ownership several times. RBS took ownership of the site from Hurstwood and Aegon acquired it in 2015. The fund manager then oversaw the development of the 40,000 sq ft second phase and the arrival of several high-profile occupiers.
Law firm Knights represented LSC Property in the transaction and Trowers & Hamlins acted for Aegon.
The letting agents for New Hall Hey are Cheetham & Mortimer and Curson Sowerby Partners.
