Credit: LCP

LCP acquires major Aviemore retail portfolio

LCP Group has completed its largest retail acquisition in Scotland yet, as it continues to grow its portfolio.

It has completed a deal with property developer Upland Properties for a portfolio of 12 retail assets, including two shopping centres, in Aviemore, for an undisclosed sum.

The shops are all located along Grampian Road – the main shopping destination in the town – offering a wide variety of services and both local and national businesses, including Mountain Warehouse, Ellis Brigham, Blacks Outdoor Leisure, Trespass, M Gelato and Bothy Bikes.

Aviemore Shopping Centre sits in a prime location on Grampian Road and is the main focus of commercial activity in the town, providing 22,000 sq ft of space with 17 tenants across multiple units, while the 13,000 sq ft Myrtlefield Centre sits further to the north, close to the new town centre retail park, and comprises 13 occupiers.

The portfolio, which is currently fully let and totals 65 tenants, forms a significant part of the town’s main shopping area. The acquisition also includes the Woodside Village neighbourhood centre in Westhill, Inverness.

James Buchanan, managing director of LCP, said: “This is a significant acquisition for our Scotland portfolio, which centres on local convenience and regional centres. We continue to actively seek suitable sites that we can add value to and have £300 million available to invest for assets ranging from £500,000 to £30 million.”

Roddy Proudfoot, associate director at LCP Management, which has been appointed to asset manage the portfolio, added: “Aviemore is an increasingly popular year-round tourist destination and Grampian Road is at the heart of the town.

“The properties lie in prime, high footfall locations along Grampian Road between the railway station and retail park, and also includes the popular Granish Way neighbourhood development at Dalfaber.

“The portfolio forms a significant part of the shopping area and we are very much looking forward to working with the tenants to ensure that Aviemore town centre continues to thrive, satisfying increasing customer and occupier demand.

“We are committed, long term investors and will look to apply our asset management expertise to ensure that improvements continue to be made for the benefit of the local community and its many visitors.”

MacRoberts LLP and Cushman & Wakefield advised LCP Group on the off-market acquisition.

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Ticker MORE

BIG Shopping Center raised 55 million euros at the Israeli stock exchange for further expansion in Serbia and the Balkans

The BIG Group intends to use the proceeds from this bond issue to continue its expansion in Serbia and in the Balkan region.

Neinver appoints Joan Rouras as new Head of Leasing and Retail

Rouras benefits from more than 20 years of international experience in the retail industry in Europe, Asia and America.

Ingka Investments brings IKEA to the heart of Oxford Street with €446 million retail property acquisition

The investment supports the transformation of Ingka Group’s retail business, bringing IKEA closer to customers by opening new store formats in city locations, in response to increasing urbanization and new shopping behaviors.

Nivy Center revitalizing Bratislava’s city life

Bratislava’s residents are already referring to Nivy as the "downtown" or even "Manhattan".

URW cooperates with Sheltersuit to support the homeless in 15 German cities

Unibail-Rodamco-Westfield (URW) Germany, together with the Dutch Sheltersuit Foundation and local aid organizations, is launching a support initiative for homeless people in 15 German cities.

La Torre Outlet Zaragoza in Spain celebrates its first anniversary

La Torre Outlet Zaragoza celebrated one year open to the public and to commemorate the special date, numerous activities and musical shows were announced that will take place until November 6.