A 162,143 sq ft retail park in Liverpool city region that includes ASDA and Boots outlets changes hands in a deal understood to be worth £27m. Tony McDonough reports
Central 12 shopping park on the outskirts of Southport has changed hands with the new owner promising a “programme of investment”.
LCP, a national commercial property and investment business, has acquired Central 12 from Aviva Investors. The value of the deal was not disclosed but LBN understands the park sold for around £27m.
Located on Derby Road close to Southport train station, Central 12 comprises 162,143 sq ft of retail space. Supermarket giant ASDA is the anchor tenant with other occupants including The Range, Poundland, Boots and Next. It offers parking for 600 vehicles.
Liverpool-based discount retailer B&M will also be opening a store at the park later in the summer. B&M has agreed to occupy two units totalling 23,309 sq ft. Fit-out of the outlet is already under way.
James Buchanan, group managing director at West Midlands-based LCP, said: “We have invested more than £115m in retail assets this year, demonstrating our determination and commitment to investing in the UK retail sector.
“Acquisitions such as this form an important part of our programme of investment as we seek to consolidate our portfolio and add value to it.”
LCP is part of M Core, an acquisitive commercial property collective and one of the largest, privately held commercial property portfolios in the UK.
Barry Flint, LCP director and asset manager for Central 12, added: “Central 12 is a busy retail park with a range of national brands and independent retailers, which has a real community feel to it.
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“We’re renowned for our intensive asset management and the team is already on the ground, making several improvements, including updating the public realm.
“We are speaking to new national retailers and local management about how we can continue to improve the shopping experience for visitors. We hope to announce new retailers very soon.”
Agents for LCP were Ben Turquet of Harvey Spackfield and Peter Schaverien, Harper Dennis Hobbs, while the solicitor was Catherine Gunz of Osborne Clarke. The agent for the vendor was JLL.