The park, located on the sea front adjacent to Marine Parade and the pier, is the dominant retail warehouse and leisure scheme for the town and surrounding area. It comprises 8,826 sq m of retail, anchored by Dunelm and Matalan, Pizza Hut and Pets at Home. Adjacent is a 10,885 sq m leisure park with an eight-screen Vue cinema, health and fitness center, and a 20-lane tenpin bowling alley.
Ocean Plaza was acquired for an undisclosed sum in an off-market deal.
“We’ve long demonstrated an appetite for investing in retail parades and centers throughout the UK, and this is not abating. Not only are these superb investments, acquisitions such as Ocean Plaza also provide us with a good opportunity to add value”, comments James Buchanan, Managing Director of the LCP Group.
“Our experienced intensive asset management teams understand the market and our local teams have an in-depth knowledge of the communities they work in”, adds Barry Flint, LCP Director. “Together, this means we can target the right kinds of tenants, whether they are high street names or independent traders, to the right place for them. We recognize there’s a great deal of potential to add value in the leisure part of the park and we look forward to announcing new tenants soon.”
M Core has invested more than £373 million across 61 properties in just over two years within commercial real estate, predominantly in retail in its UK portfolio. Major acquisitions include Cwmbran Centre, Cwmbran; The Galleries, Washington, Sunderland; Aviemore Retail Park, and Three Spires in Lichfield.