Swoop on town
Aviemore shops snapped up in LCP’s biggest retail deal
Shops in the town centre are part of the portfolio
Two shopping centres in Aviemore have changed hands after LCP Group, the commercial property and investment company, made what it described as its largest retail acquisition in Scotland.
LCP acquired the assets in a deal with property developer Upland Properties for a portfolio of 12 retail assets. Terms were not undisclosed.
The shops are located along Aviemore’s Grampian Road, and include Mountain Warehouse, Ellis Brigham, Blacks Outdoor Leisure, Trespass, M Gelato and Bothy Bikes.
Aviemore Shopping Centre spans 22,000 sq ft, with 17 tenants, while the 13,000 sq ft Myrtlefield Centre close to the new town centre retail park has 13 occupiers.
The deal also includes the Woodside Village neighbourhood centre in Westhill, Inverness. The portfolio is currently fully let with 65 tenants.
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 £30m.”
MacRoberts and Cushman & Wakefield advised LCP Group on the off-market acquisition.