Grimsby’s largest retail park has been bought out, with the new owner keen to see how it can be further developed.
Alexandra Retail Park, home to national brands Matalan, SCS, The Food Warehouse, Argos, Pets at Home and Poundstretcher, has been acquired by LCP, a commercial property and investment company that is part of the London-headquartered European operation M Core.
Spanning 125,695 sq ft across eight units, and taking its name from the dock it sits alongside, it had previously been in the ownership of Zurich Assurance Ltd. The undisclosed deal has been described as being part of its proactive acquisition drive in shopping parades, centres and retail parks across the country.
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James Buchanan, LCP group managing director, said: “Our asset management team is working hard to identify sites that have potential for us to add value to, provide good value for money for tenants, a great shopping experience for local people and a good return on our investment.
“M Core has already invested more than £100 million in the first half of 2023 across the Ƶ. We continue to believe this is a strong and positive market to be in and because we have healthy cash reserves, we can move swiftly when we want to complete a transaction. This approach has stood us in good stead for years, which is why we are renowned in the commercial property sector for our acquisition and intense asset management strategy.”
The site is currently also home to Myenergi’s manufacturing, with the green tech business occupying the former Wickes unit, at the northern end, by the A180. Construction of its purpose-built base at Pioneer Park, Stallingborough, is now complete, with the business currently fitting it out ahead of the move four junctions back along Grimsby’s gateway road.
It will present the new owners with an immediate opportunity, , with a health and fitness club lined up for the unit being vacated.
Barry Flint, LCP director, becomes asset manager for the site. He said: “Alexandra Retail Park is well positioned in the town and has a strong tenant line-up. We’ll be exploring options over the next few weeks to see how we can add to it further.”
The park also features 560 parking spaces, and sits across from Sainsbury’s. The prominent Matalan unit was redeveloped after it fell victim to a shoplifter arson attack in June 2010, with a blaze sparked after an attempt to burn off a security tag went disastrously wrong.
It comes a year after Grimsby's Freshney Place shopping centre was bought by North East Lincolnshire Council.
M Core has invested more than £160 million over the past year in 25 retail centres. Major acquisitions include Cwmbran Centre, Cwmbran; The Galleries, Washington, Sunderland; and Three Spires in Lichfield. It remains active in the acquisitions market, stating it has a £300 million pot available to invest for assets ranging from £500,000 to £30 million.
Osborne Clarke acted for LCP, with ESH for as agent. Savills acted for the vendor, with Gowling WLG (Ƶ) LLP as legal representative.
LCP has appointed agents Henry Phipps of Edgerley Simpson Howe and Duncan Willey of PPH Commercial.
