The national commercial property and investment company, London & Cambridge Properties, has announced their acquisition of a major shopping parade in Northamptonshire.
Located in Bowen Square in Daventry, LCP’s newly acquired 110,395 sq ft shopping parade is anchored by Waitrose and has 38 shops, including Boots, Greggs, Dominoes and Subway – on average it has a footfall of approximately 87,000 a week.
Commenting on the purchase, James Buchanan, Managing Director, said: “We have been tracking this particular district centre for a long time as it has key attributes we look for, with high-performing anchor tenants, a diverse range of independent and national tenants, and a strong community catchment,
“At a time when the property investment sector is slowing down its investments within retail we are primed, with £300 million available for assets ranging from £500,000 to £30 million.”
LCP has set aside a further £300 million to invest in local district centres, convenience parades and retail centres similar to Bowen Square.
The large Daventry parade has more than 90 parking spaces, with a further 500 spaces at the 45,000 sq ft Tesco adjacent to the parade.
Giving his summary on the purchase, Martin Wade, LCP Asset Manager, added: “Over the past three years, we have focused on boosting our local shopping centre portfolio because they provide an excellent investment opportunity.
“Our intensive asset management approach means that we are able to attract high street names and we also work closely with the independent tenants to ensure each centre operates effectively and to maximum capacity.”
Nick Hart and Alex Buller from JLL acted as agents for the acquisition.