Ocean Plaza in Southport has been bought by a property investment company in a multi-million pound deal.
M Core has acquired the site located on the seafront adjacent to Marine Parade. It comprises 95,107 sq ft of retail space, and includes shops such as Dunelm and Matalan, Pizza Hut, and Pets at Home.
It is the second investment by the firm in Southport after it announced that it had bought the Central 12 retail park on Derby Road earlier this week. Ocean Plaza was acquired for an undisclosed sum in an off-market deal.
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On the other side of Marine Parade, there is a 117,165 sq ft leisure park with an eight-screen Vue cinema, health and fitness centre, and a 20-lane tenpin bowling alley.
James Buchanan, managing director of the LCP Group, which is part of M Core, said: “We’ve long demonstrated an appetite for investing in retail parades and centres throughout the UK, and this is not abating. Not only are these superb investments, but acquisitions such as Ocean Plaza also provide us with a good opportunity to add value."
Barry Flint, LCP director, added: “Our experienced intensive asset management teams understand the market and our local teams have an in-depth knowledge of the communities they work in. Together, this means we can target the right kinds of tenants, whether they are high street names or independent traders, to the right place for them.
“It’s a strategy that works and it’s why we have a black book of contacts, waiting to locate to our centres. We recognise there’s a great deal of potential to add value in the leisure part of the park and we look forward to announcing new tenants soon.”
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