We present a detailed radio, X-ray and optical study of a newly discovered Large Magellanic Cloud (LMC) supernova remnant (SNR) which we denote MCSNR J0508-6902. Observations from the Australian Telescope Compact Array (ATCA) and the $textit{XMM-Newt
on}$ X-ray observatory are complemented by deep H$alpha$ images and Anglo Australian Telescope AAOmega spectroscopic data to study the SNR shell and its shock-ionisation. Archival data at other wavelengths are also examined. The remnant follows a filled-in shell type morphology in the radio-continuum and has a size of $sim$74 pc $times$ 57 pc at the LMC distance. The X-ray emission exhibits a faint soft shell morphology with Fe-rich gas in its interior $-$ indicative of a Type Ia origin. The remnant appears to be mostly dissipated at higher radio-continuum frequencies leaving only the south-eastern limb fully detectable while in the optical it is the western side of the SNR shell that is clearly detected. The best-fit temperature to the shell X-ray emission ($kT = 0.41^{+0.05}_{-0.06}$ keV) is consistent with other large LMC SNRs. We determined an O/Fe ratio of $<21$ and an Fe mass of 0.5-1.8$~M_{odot}$ in the interior of the remnant, both of which are consistent with the Type Ia scenario. We find an equipartition magnetic field for the remnant of $sim$28 $mu$G, a value typical of older SNRs and consistent with other analyses which also infer an older remnant.
