LCP Group, the national commercial property and investment company, has completed a deal with property developer Upland Properties for a portfolio of 12 retail assets, including two shopping centres, in Aviemore.
The portfolio, which is currently fully let and totals 65 tenants, forms a significant part of the town’s main shopping area. The acquisition also includes the Woodside Village neighbourhood centre in Westhill, Inverness.
The shops are all located along Grampian Road, the main shopping destination in the town, including Mountain Warehouse, Ellis Brigham, Blacks Outdoor Leisure, Trespass, M Gelato and Bothy Bikes.
Aviemore Shopping Centre provides 22,000 sq ft of space with 17 tenants across multiple units, while the 13,000 sq ft Myrtlefield Centre sits further to the north, close to the new town centre retail park, and comprises 13 occupiers.
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 £30 million.”
Roddy Proudfoot, associate director at LCP Management, which has been appointed to asset manage the portfolio, added: “Aviemore is an increasingly popular year-round tourist destination and Grampian Road is at the heart of the town.
MacRoberts LLP and Cushman & Wakefield advised LCP Group on the off-market acquisition.
