ST. MODWEN SELLS CATFORD SHOPPING CENTRE TO LEWISHAM BOROUGH COUNCIL

St. Modwen, the UK’s leading regeneration specialist, has exchanged contracts to sell the Catford Shopping Centre in Lewisham, South East London, to Lewisham Borough Council for £11.52 million.

St. Modwen has owned Catford Shopping Centre since 1993 and in that time it has been successfully managed. Despite the strains imposed by the current economic climate, St Modwen has continued to ensure the Centre has remained fully let. The Council will continue to run the Centre through a wholly owned company called the Catford Regeneration Partnership Limited.

St. Modwen is selling the Centre to focus on more imminent development opportunities. The funds raised will be reinvested into existing opportunities that are more aligned with its future strategy for growth. These include exploring ways to enhance its other property in the Borough, Leegate Shopping Centre, while continuing to provide affordable space there for local businesses and services.

Killian Morris, Senior Development Manager at St. Modwen, said: “Shopping centres across the country have suffered in the downturn, but Catford is one of the few that can claim 100 per cent occupancy. This is testament to the fact that St. Modwen has maintained the Centre as a vibrant shopping facility at the heart of the Borough, and we are confident that the Council’s decision to purchase the Centre will see it continue to play a pivotal part in Catford and among the local community.

“St. Modwen remains committed to Lewisham, most notably the Leegate Centre where plans for its redevelopment are currently being considered”