Commercial property and investment company LCP, part of M Core, has acquired a retail park in Kidderminster, Worcestershire for an undisclosed sum from Nuveen Estate.
Weavers Wharf is a 220,000 sq ft retail park, just a few minutes’ walk from Kidderminster town centre, with anchor tenants Marks & Spencer, Next and TK Maxx, Café Nero, Boots, Sport Direct, McDonalds and TruGym. Premier Inn is also on the site.
James Buchanan, LCP Group Managing Director, said “This significant investment demonstrates our appetite for acquisition and our focus on intensive asset management, where we want to realise opportunities for adding value.
“As well as achieving a good return on our investment, we’re committed to improving our retail estate, providing better value for money for tenants and, where there are voids, attracting good-quality brands, ensuring a better shopping experience, and, of course, helping to bring jobs.
“It is thanks to the hard work by our team, who identify the sites for us to acquire, then use their considerable expertise and extensive contacts to attract tenants, that our strategy is working.”
Simon Eatough, Director of landlord and tenant at LCP, will lead the asset management team.
Situated on the edge of the West Midlands bordering Worcestershire, 17 miles south-west of Birmingham and 15 miles north of Worcester, Weavers Wharf Shopping Park is accessed via the A456 Park Butts Ringway. There is a pedestrian link to the high street and the adjacent Tesco Superstore.
Click here to receive CRE Herald’s weekly newsletter, news alerts and insights!
