Urmston retail traded for £9.75m
Investor LCP has acquired Eden Square, a 21-unit centre anchored by Sainsbury’s in the Trafford town, from Columbia Threadneedle.
LCP has made the purchase on behalf of Sheet Anchor Investments, one of its group of managed companies. The centre also includes Aldi, Costa Coffee, Iceland and Boots. Workman is the managing agent.
Fawcett Mead represented the vendor, with JLL acting for the buyer. Place North West understands the yield was around 9.5%.
James Buchanan, managing director at LCP, said the company has been proactively seeking out neighbourhood retail: “We have long recognised the huge potential in the local convenience-led retail sector and have acquired £80m of assets in the past six months.
“We are actively seeking similar properties and are keen to speak to organisations that are considering disposing of their shopping parades. We have £300m available for assets ranging from £500,000 to £30m.”
In the past six months, LCP has acquired convenience-led parades including Bowen Square, Daventry; Hillsborough Barracks, Sheffield; Bramley Shopping Centre near Leeds; Swanley Square in Sevenoaks, Kent; and Mavery House, Diss.
Footfall in local convenience retail climbed in 2020, as a combination of lockdowns and guidance to avoid non-essential trips led to city centre footfall declining across the country.
LCP has also this month launhed its Microshops concept, splitting large vacant units, such as the former Argos at St Helens’ Hardshaw Centre, into small units on flexible terms for independents and start-ups.
Barry Flint, associate director at LCP, added: “The Square represents a fantastic investment and we’re looking forward to managing it on behalf of the landlord, ensuring not just a strong return on investment but also making sure we deliver the retail experience that shoppers want from their neighbourhood centre.”