The Shires in Trowbridge is a 10,962 sq m center with 52 retail units. Tenants include Iceland, JD Sports, Sports Direct, Peacocks, Poundland, and Superdrug and it is anchored by an Asda superstore. There are also more than 1,000 car parking spaces.
The Bristol office of LCP, which is part of M Core, one of the largest, privately held commercial property portfolios in the UK, has been appointed to manage the center, which was acquired for an undisclosed sum. Asset manager George Watson has said: “In the past few months, our managed portfolio has grown significantly with the addition of 9,290 sq m of property, including large regional centers, local convenience parades, and offices.”
“We are known for our intensive asset management and work hard to add value and invest in the local communities where we operate. Thanks to our extensive contacts in the retail sector we’ll be contacting those we believe would benefit from having a Trowbridge presence and look forward to announcing new tenants in the coming weeks.”
The Shires acquisition marks LCP Group’s fourth major retail deal of 2023.
The group has already announced its acquisition of Market Quay Shopping Center, in Fareham, Hampshire, a 15,691 sq m development comprising 17 commercial units, and Rainham Shopping Center, in Gillingham, Kent. This 7,896 sq m retail and office precinct has 25 shops, including Greggs, Costa, Card Factory, and Boots, and it is anchored by Tesco and Wilko.
It also added Gateway Retail Park in Harwich, Essex, to its retail acquisitions. The park has eight units and is anchored by a 2,415 sq m B&M Homestore.
For The Shires transaction, Jackson Cris acted as agent for the vendor, while the vendor’s solicitor was CMS. For LCP, the solicitor was Osbourne Clarke, while Savills was the agent. The acquisition cost and vendor are not being disclosed.