Key Property Investments, St Modwen Properties PLC’s joint venture investment company with Salhia Real Estate Co., has exchanged contracts for the sale of a multi-let retail/office investment and a development site in Chester to the Hollins Murray Group for £4.15 million.

The two properties were acquired in 1998 as part of a portfolio from Refuge Assurance. Key has improved the income stream of the investment property in Watergate Street and has been granted planning consent for a mixed retail and residential development on the 0.25 acre site in Commonhall Street. Legat Owen acted for the Hollins Murray Group.

For further information contact Steve Prosser of St Modwen on 01925-825950. Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).