Fast-growing investor buys Pavilions centre in Thornaby-on-Tees
LCP has acquired the Pavilion shopping centre, in Thornaby-on-Tees on the North Yorkshire/County Durham border, in its third-largest shopping centre purchase this year. In the past 12 months alone, LCP has acquired 26 centres across the country, from small convenience parades to larger shopping schemes with a combined investment of £150m.
The Pavilion centre comprises 270,000 sq ft of retail space and is anchored by a 100,000-sq ft Asda at one end and a 17,500-sq ft Lidl at the other. It also includes the town’s refurbished library and the leisure centre. Other occupiers include Wilko, Boyes, Home Bargains, Boots and Iceland, plus the Golden Eagle Hotel. The centre has about 700 car parking spaces and is located close to the A66 and A19
Julian Diamond, retail director at LCP, said: “We have set ourselves ambitious targets to acquire new retail sites. This thriving centre has a wide range of both nationally recognised high street names and local retailers, and we’re now examining the portfolio to see where we can add value, whether that’s attracting new tenants or instigating improvements.”