Hope for new shops and jobs as Worcestershire retail park taken over

New jobs could be created as a Worcestershire retail park is taken over.

National commercial property and investment company LCP has bought Kidderminster’s Weavers Wharf Shopping Centre for an undisclosed fee.

Buying the centre, on the edge of the town and home to brands such as Marks and Spencer, Next and TK Maxx, is part of LCP’s aim to takeover more shopping parades, centres and retail parks across the country, it said.

There are currently five empty shops, but the group’s managing director James Buchanan said it wants to attract good-quality brands and bring jobs.

After the takeover of the 20,000 sq ft retail park, also home to Boots, Sport Direct and McDonald’s, was announced, Mr Buchanan said: “This significant investment demonstrates our appetite for acquisition and our focus on intensive asset management, where we want to realise opportunities for adding value.

“As well as achieving a good return on our investment, we’re committed to improving our retail estate, providing better value for money for tenants and, where there are voids, attracting good-quality brands, ensuring a better shopping experience, and, of course, helping to bring jobs.

“It is thanks to the hard work by our team, who identify the sites for us to acquire, then use their considerable expertise and extensive contacts to attract tenants, that our strategy is working.”

Simon Eatough, director of landlord and tenant at LCP, will lead the asset management team.

M Core, which owns LCP, has said it is on a “strong acquisition drive”, investing in all commercial sectors throughout the UK and Europe.

Takeovers in the UK so far include Cwmbran Centre in Cwmbran, The Galleries near Sunderland and Three Spires in Lichfield.

It said it has £300 million available to invest for assets ranging from £500,000 to £30 million and portfolios up to £150 million, and is always looking for new sites.

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