M Core acquires convenience retail asset in Lincolnshire
M Core has completed the acquisition of Kennedy Way in Immingham, North Lincolnshire, a 46,001 sq ft community retail centre comprising 20 units.
The property collective said the purchase strengthens its commitment to revitalising essential local shopping destinations across the UK.
The retail parade is anchored by Tesco, B&M, and Home Bargains and benefits from a dedicated car park.
At the point of acquisition, five retail units were vacant, with offers received on three and discussions ongoing with a number of parties on the remaining units.
Refurbishment works have commenced across the vacant units, with works to include full shell and core refurbishments and the installation of new shopfronts. External works are also to be undertaken, which include the upgrading of estate-wide lighting to energy-efficient LEDs, and canopy redecoration.
James Buchanan, group managing director of LCP, part of M Core commented: “Kennedy Way represents exactly the kind of vibrant, community-focused retail centre that aligns with our investment strategy. We’re excited about the opportunity to reinvigorate this scheme and work closely with existing and future tenants to deliver long-term value for Immingham. The early stages of refurbishment are already in motion, and we are committed to ensuring the town’s central hub realises its full potential.”