LCP packs out a half-empty retail park
LCP Group has almost filled a Welsh retail park that it bought last October, taking the vacancy rate from 45% to less than 2% – with just one shop still empty.
The investment firm, part of the wider M Core Group, bought the M Parc Fforestfach retail park in Swansea from Nuveen Real Estate, and has since been renovating the site and upgrading facilities to accommodate a new tenant line-up.
The park spans around 141,500 sq ft and has 20 shops. It is anchored by Tesco, Aldi and McDonald’s. Other tenants include M&S Foodhall, Barnardo’s, Card Factory, Home Bargains, Boots, Costa, Café Nero, Next, Anytime Fitness and Poundland and Burger King.
LCP Group has almost filled a Welsh retail park that it bought last October, taking the vacancy rate from 45% to less than 2% – with just one shop still empty.
The investment firm, part of the wider M Core Group, bought the M Parc Fforestfach retail park in Swansea from Nuveen Real Estate, and has since been renovating the site and upgrading facilities to accommodate a new tenant line-up.
The park spans around 141,500 sq ft and has 20 shops. It is anchored by Tesco, Aldi and McDonald’s. Other tenants include M&S Foodhall, Barnardo’s, Card Factory, Home Bargains, Boots, Costa, Café Nero, Next, Anytime Fitness and Poundland and Burger King.
Most recently, The Food Warehouse has for signed 4,500 sq ft on a 10-year lease and is expected to open by mid-February. Pet shop Jollyes has taken 6,000 sq ft for 10 years and is expected to open in March. Both shops were previously occupied by M&S and had been vacant for almost three years.
Open for business
The owner has also exchanged on a lease with tanning salon Tantastic, pending planning permission for a change of use from retail to a tanning studio. The 2,153 sq ft shop, located next to Home Bargains, has been vacant since 2020. A planning decision is expected by the end of February, with work set to begin immediately after approval.
Local jewellery retailer 925 Treats is slated to open in a shop previously occupied by The Works, and which has been vacant since last June.
The tenant mix has further expanded with the addition of Funky Fun World, a local leisure operator that opened its centre in December last year. Meanwhile, two shops adjacent to Card Factory are under offer to a new operator on a long-term lease, with the deal anticipated to close by the end of February.
With these new lettings, LCP has brought the park’s occupancy rate to 98.4%, leaving only one 2,314 sq ft shop vacant. This shop, formerly occupied by EE, has been empty for an extended period. To attract new tenants, the owner has refurbished the space, adding a levelled floor, updated fittings and new lighting.
Pick and mix
Discussing the park’s turnaround, Adam Martin, asset manager of M Parc Fforestfach and director at LCP, said: “In seven months, we’ve gone from about 45% void to 1.6% void. There’s a lot of demand here for this space. We just have to pick the right mix of retailers and make sure the scheme is positioned correctly for everyone there to succeed.”
Constructed 20 years ago, M Parc Fforestfach has evolved significantly, housing a more diverse mix of tenants. LCP is currently refurbishing the park to support its new tenants, making alterations to the external structure, installing updated shopfronts and upgrading loading facilities.
Martin emphasised securing the right mix of tenants to create an active and thriving space. He said: “We’re just working hard on bringing in a mix of nationals and locals. The landlord’s not really 100% focused on rent. For us at the moment, it’s just about tenant mix and getting the right retailers into the space to get some activity back in.”
Morgan Williams advised LCP on the lettings.
