LCP buys Southport retail park

The national commercial property and investment company has acquired Central 12 off Derby Road, totalling 162,100 sq ft of commercial space.

LCP is part of M Core, an acquisitive commercial property collector, which has invested £160m in 25 retail complexes across the UK over the last 12 months.

The company has bought the Southport shopping park from Aviva Investors Pensions for an undisclosed price.

The agents were seeking offers in excess of £26.9m, which would reflect an 8% net initial yield.

Central 12 has 13 retail units. Tenants include ASDA, The Range, Poundland, Boots, and Next.

Since LCP’s acquisition, discount retailer B&M has signed a five-year lease for 23,300 sq ft at the centre, expected to open this summer.

Of the 13 units, three are available to let.

Located near to Southport Railway Station, the site also features a car park with 600 spaces.

Barry Flint, director of LCP, added: “Central 12 is a busy retail park with a range of national brands and independent retailers, which has a real community feel to it.

“We’re speaking to new national retailers and local management about how we can continue to improve the shopping experience for visitors, and are committed to working with the local community to ensure that the park is a positive asset for the area.”

James Buchanan, group managing director at LCP, added: “We have invested more than £115m in retail assets this year, demonstrating our determination and commitment to investing in the UK retail sector.

“Acquisitions such as this form an important part of our programme of investment as we seek to consolidate our portfolio and add value to it.”

Agents Harvey Spackfield and Harper Dennis Hobbs acted on behalf of LCP on the deal. JLL acted for Aviva.

Last year, LCP bought the 156,000 sq ft Lime Square Retail Parade in Openshaw for £9.8m.