UK retail park investor LCP Group has acquired the Gateway Retail Park in Harwich, Essex for an undisclosed sum.
With eight units, it is anchored by a 2,415 m2 B&M Homestore, with other tenants including Argos, Carpetright, Card Factory, Peacocks, Domino’s, and Greggs.
There is one current vacant unit of 232 m2, which is being marketed, and the park is served by a 215-space car park.
Located just one mile from Harwich town centre, the 5,201 m2 retail park is close to the international port, railway station and other retail outlets in the area, including Lidl, Home Bargains and Morrisons.
James Buchanan, group managing director of LCP, said: ‘We're pleased to have acquired Gateway Retail Park in what is an exciting time for our Group. As a company that is committed to investing in retail, from small, neighbourhood parades right up to larger, urban destination centres, we have a dedicated team of expert asset managers who have a deep understanding of the market and impressive contacts of retailers who want to find new premises. We're now looking at how we can add value to this already well used retail centre and believe there is real potential for growth there.’
LCP’s Nick Bryson has been appointed asset manager.
Morgan Williams acted as vendor’s agent and LCP was represented by Lewis Ellis & Co.
Morgan Williams and Prime Retail have been retained as marketing agents.
The LCP Group, which has made over 20 retail acquisitions in the last 12 months, has £300 mln (€339 mln) available to invest for assets ranging from £500,000 (€565,000) to £30 mln (€34 mln) and portfolios up to £150 mln (€169 mln).
