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In this edition of Insider we look at how our…
Commercial property and investment firm LCP has acquired a prominent Cwmbran leisure complex in a move the business said demonstrated its long-term commitment to the town.
Twelve months after acquiring the neighbouring Cwmbran Centre, LCP has snapped up [email protected] which includes an eight-screen Vue cinema, 20-lane Hollywood Bowl plus six restaurant units, including a Harvester, German Doner Kebab and Pepe's Peri Peri.
A tanning salon, gym and an independent college are also on the site.
LCP Group managing director James Buchanan said: “Cwmbran Shopping Centre has been a huge success story for us in the past 12 months, with our experienced team of asset managers attracting over 20 new tenants, taking total occupancy to 95 per cent, so when the opportunity arose to add the adjacent leisure complex to our portfolio, we didn't hesitate.
“This is a significant and attractive acquisition and one that reaffirms our intentions for investing in Cwmbran. We’ve already demonstrated how our intensive asset management has made the main retail destination a much more attractive place to visit and we’re ready to do the same with [email protected]
“There have been a number of lease renewals recently, which shows how strong an asset it is, and there is only one vacant unit. We are already in serious discussions with potential restaurants, which are keen to have a presence in Cwmbran, and I hope we can announce a new tenant in the coming weeks.”
Alex Williams, LCP asset manager, added: “We've worked incredibly hard to improve the adjacent centre, with almost 50 transactions on the scheme last year. We're pleased to have the opportunity to manage [email protected], which ideally complements the shopping centre and we look forward to delivering continued success in the year ahead.”
LCP, which is part of M Core, one of the largest, privately held commercial property portfolios in the UK, said it is actively seeking opportunities across the country, with £300m available to invest.
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Alex Williams LCP / Cwmbran Shopping Centre / Hollywood Bowl in Cwmbran / LCP / LCP Group managing director James Buchanan / [email protected] / M Core / Vue cinema in Cwmbran /
Laurence Kilgannon, Digital News Editor
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