LCP, the commercial property and investment company, has acquired a prime leisure complex in Cwmbran – just 12 months after it bought the neighbouring shopping centre.
Leisure@Cwmbran is the dominant leisure facility in the South Wales town, with an eight-screen Vue cinema, 20-lane Hollywood Bowl plus six restaurant units, including a Harvester, German Doner Kebab and Pepe’s Peri Peri.
A tanning salon, gym and an independent college are also on the site.
LCP secured the complex for an undisclosed sum, with Group managing director James Buchanan saying the acquisition confirms its long-term commitment to the town.
“Cwmbran Centre has been a huge success story for us in the past 12 months, with our experienced team of asset managers attracting over 20 new tenants, taking total occupancy to 95%, so when the opportunity arose to add the adjacent leisure complex to our portfolio, we didn’t hesitate,” he said.
“This is a significant and attractive acquisition and one that reaffirms our intentions for investing in Cwmbran. We’ve already demonstrated how our intensive asset management has made the main retail destination a much more attractive place to visit and we’re ready to do the same with Leisure@Cwmbran.
“There have been a number of lease renewals recently, which shows how strong an asset it is, and there is only one vacant unit. We are already in serious discussions with potential restaurants, which are keen to have a presence in Cwmbran, and I hope we can announce a new tenant in the coming weeks.”
Alex Williams, LCP asset manager, said: “We’ve worked incredibly hard to improve the adjacent centre, with almost 50 transactions on the scheme last year. We’re pleased to have the opportunity to manage Leisure@Cwmbran, which ideally complements the shopping centre and we look forward to delivering continued success in the year ahead.”
Cwmbran serves an extensive catchment of 683,000 people and benefits from footfall of more than 18 million visitors a year.
LCP, which is part of M Core, one of the largest, privately held commercial property portfolios in the UK, has a strong appetite for investment and is actively seeking opportunities across the country, with £300 million available to invest for assets ranging from £500,000 to £30 million.