Real estate collective acquires Southport retail park

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A Southport retail park, located on the waterfront adjacent to Marine Parade and the pier, has been taken over by a commercial ownership collective.

M Core has acquired Ocean Plaza, comprising 95,107 square feet of retail stores, anchored by Dunelm, Matalan, Pizza Hut and Pets at Home, with a 117,165 square foot entertainment park next door, including an eight-star Vue cinema screens, a health and fitness center and a 20-lane ten-lane bowling alley.

The deal expands the company’s presence in Southport and follows LCP, which is part of M Core, pouncing on Central 12 shopping park.

James Buchanan, Managing Director of LCP Group, said: “We have long shown an appetite for investing in fashion shows and retail centers across the UK, and this is not abating. It’s not just these great investments, acquisitions like Ocean Plaza too give us a good opportunity to add value.

“We have a healthy pipeline of acquisitions going forward, which will only add to our growing reputation as one of the most acquisitive companies when it comes to investing in commercial property. It’s a strategy that has served us well over the last five years and we are flexible enough to be able to quickly adapt to the challenges faced by many occupants and organizations.”

Barry Flint, Principal at LCP, added: “Our experienced asset-intensive management teams understand the market and our local teams have in-depth knowledge of the communities in which they work. Together, this means we can target the right types of tenants , whether they are big names or independent traders, to the right place for them.

“It’s a strategy that works and that’s why we have a black book of contacts, waiting to locate us in our centers. We recognize that there is great potential to add value in the leisure part of the park and we hope to announce new tenants soon.”

M Core has invested over £373m in 61 properties in just over two years within commercial real estate, predominantly retail across its UK portfolio.

M Core’s attorney was Catherine Gunz at Osborne Clarke and the agent was Simon Lewis of Lewis Ellis. The seller’s agent was Morgan Williams.