Property firm boosts Scots portfolio by snapping up two Aviemore shopping centres

Two shopping centres in Aviemore have changed hands in what has been branded a “significant” acquisition.

LCP Group, the national commercial property and investment company, has swooped on the assets in what it says is its largest retail acquisition in Scotland yet.

The firm, whose Scottish office is in Glasgow, has completed a deal with property developer Upland Properties for the portfolio of 12 retail assets altogether for an undisclosed sum.

The shops are all located along Aviemore’s Grampian Road, and include Mountain Warehouse, Ellis Brigham, Blacks Outdoor Leisure, Trespass, M Gelato and Bothy Bikes.

LCP is hailing the 'significant' acquisition for its Scotland portfolio. Picture: contributed.

Aviemore Shopping Centre spans 22,000 square feet, with 17 tenants across multiple units, while the 13,000-sqare-foot Myrtlefield Centre sits further to the north, close to the new town centre retail park, and has 13 occupiers.

The portfolio is currently fully let and totals 65 tenants, and the deal also includes the Woodside Village neighbourhood centre in Westhill, Inverness.

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 £30m.”

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.

“The properties lie in prime, high-footfall locations along Grampian Road between the railway station and retail park, and also includes the popular Granish Way neighbourhood development at Dalfaber.

“The portfolio forms a significant part of the shopping area and we are very much looking forward to working with the tenants to ensure that Aviemore town centre continues to thrive, satisfying increasing customer and occupier demand.

“We are committed, long-term investors and will look to apply our asset-management expertise to ensure that improvements continue to be made for the benefit of the local community and its many visitors.”

MacRoberts LLP and Cushman & Wakefield advised LCP Group on the off-market acquisition. The latter’s deals in Scotland include acquiring a parade of shops in Kilmarnock in 2020, and sites north of the Border in its portfolio include Airdrie Retail Park, Drumchapel Shopping Centre, and Southfield Industrial Estate in Fife.

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