One of the UK’s largest private owners and managers of commercial property LCP has added the Crown Walk shopping centre in Oxfordshire to its rapidly expanding retail portfolio.
Constructed in 1988, The 48,820 sq ft Crown Walk centre in Bicester comprises of 25 units with a series of major high profile tenants including Vodafone, H Samuel, Boots and Peacocks; and marks the first significant investment of the year for the investment firm.
Julian Diamond, retail director at LCP, said: “In the past 12 months, we have acquired 37 retail schemes – from small local convenience parades to larger shopping centres – as part of our long-term strategic plan to invest in this sector.
“Crown Walk marks a major investment, and we are looking forward to working with tenants and attracting new names to the centre.”
In 2018, the company maintained a 93% occupancy rate across its retail portfolio and invested more than £150m in new retail schemes.
James Buchanan, investment director at LCP, added: “The retail sector is undergoing a significant period of uncertainty, yet we are standing firm in our long-term commitment to investing in local convenience parades and retail centres.
“We have earmarked £150 million to invest in this particular sector this year and believe we are in an excellent position to acquire and improve retail assets for the benefit of the local communities we enter. We pride ourselves on our intensive asset management approach, which has long been proven to be positive for both us and for the properties we own and manage.”