St Modwen Developments Ltd, the development subsidiary of St Modwen Properties PLC, has sold the first phase of its Castle Walk shopping scheme in Newcastle-under-Lyme, for £7 million.
The investment sale to Atmore Properties of the 5,592 sq m (64,500 sq ft) first phase opened before last Christmas, represented an initial yield, after costs, of 8.1%.
Construction is well advanced on the 20 unit 5,295 sq m (57,000 sq ft) second phase which is scheduled to be opened for trading progressively through the summer. The completion of Castle Walk will reinforce Newcastle’s status as one of the Potteries’ principal shopping centres.
Three of the second phase units have already been pre-sold or pre-let to J D Weatherspoon, Home Bargains and Card Crazy. A number of other units are either under offer or in solicitors hands.
Derek West of St Modwen said: “There is strong interest from retailers to be part of this highly successful scheme which has created a new pedestrianised open street linking Ironmarket and Hassell Street. The first phase is reported to be trading very strongly.”
Lambert Smith Hampton is letting agent for St Modwen. end For further information contact Derek West of St Modwen on 0121-456-2800. Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).