LCP ACQUIRES SCOTT ARMS PARADE

London & Cambridge Properties has taken over management of the Scott Arms retail parade in Great Barr as part of its Local Convenience Parades portfolio.

The 30,336 sq ft development was purchased for an undisclosed sum and comprises 16 units with well-known tenants such as Iceland, Greggs, Well Pharmacy, Ladbrokes, and Subway.

Jo Salmon, retail portfolio manager, said it plans to enhance the site but stressed that there no there are no firm plans yet in place. 

“Scott Arms is a very well-known parade on a busy crossroads, which serves local residents and passing motorists very well,” she said. “We will be using our intensive management skills to enhance and strengthen the investment.”

LCP is undertaking an ambitious programme to invest in the local convenience sector. Last year its investment in small, neighbourhood centres totalled more than £110 million. It is committed to continued growth in this sector with a further £200 million earmarked for acquisitions in 2016.