Frasers acquires 160,000 sq ft Lancaster retail complex
St Nicholas Arcade is located off Church Street in the city centre and is home to Boots, Next, and others.
Frasers Group, which owns Sports Direct and Flannels, has bought the 160,000 sq ft Lancaster retail complex from Patrizia for around £10.5m. undisclosed sum.
The acquisition sees St Nicholas Arcade join Doncaster’s Frenchgate and Luton’s The Mall in Frasers’ retail centre portfolio.
St Nics, as it is known locally, attracts around 4m visitors a year. It generates £1.3m in rent annually.
Michael Murray, chief executive of Frasers Group, said: “We have always been strong believers in physical retail, and this acquisition demonstrates our ongoing commitment to supporting brick-and-mortar in the UK.
“By acquiring key retail sites, we are able to unlock new growth opportunities and revitalise high streets across the country, delivering unparalleled shopping experiences for consumers.
He added: “This acquisition is also another step in developing our property segment, which is set to deliver significant long-term value for the group.”
Frasers Group was advised by CBRE on this acquisition. Patrizia was advised by Savills.
