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LCP Acquires County Durham Retail Park

Commercial People agency London Cambridge Properties (LCP) has added a County Durham retail park to its expanding property portfolio.
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The national commercial property and investment company announced that it had bought Russell Street Retail Park in County Durham in a deal worth £1.8 million.

Located close to the Darlington town centre, the park comprises three units with a total of 24,840 sq ft. Occupiers include Halfords and the British Heart Foundation, with the final unit currently vacant. Besides the retail units, Commercial People understands that there is also a 135-space car park.

The acquisition is the latest in a line of retail purchases in recent months. In the past quarter alone, it has acquired £58 million of multiple assets throughout the UK, including the Myrtlefield Shopping Centre in Aviemore, which was its largest retail acquisition in Scotland yet.

Rakesh Joshi, LCP’s Associate Director, said: “As we seek to invest in convenience parades across the country, we are gaining a reputation as a major player in this thriving sector. We are pleased to add Russell Street Retail Park to our growing portfolio and will continue to seek similar opportunities.”

LCP has a reported £300 million available to invest and are targeting assets ranging from £500,000 to £30 million.

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