News Archive

Second phase of Castle Walk shopping scheme sold for £13.2 million

The second phase of Castle Walk, Newcastle-under-Lyme, one of the most successful regenerated shopping schemes in the Midlands undertaken by St Modwen Developments Ltd, the development subsidiary of St Modwen Properties PLC, has been sold for £13.2 million.

Atmore Group, who through one of its associate companies last year acquired the investment of the first 5,992 sq m (64,500 sq ft ) phase, has invested in the 5,295 sq m (57,000 sq ft ) second phase which completes the scheme. The sale price represented an initial yield of 7.1 per cent.

Castle Walk, which reinforces Newcastle’s status as one of the principal shopping centres in the Potteries, has attracted such high profile national retailers as

Marks & Spencer, JJB Sports, New Look and Peacocks, who were not previously in the town, as well as providing a major relocation for Wilkinsons.

Derek West of St Modwen, said: “This major scheme has changed the face of shopping in the town by creating a new shopping circuit, a first rate bus station and additional services for the centre of Newcastle.

“Previously unused backland has been regenerated to provide an attractive fully-serviced modern shopping environment within a conservation area. St Modwen worked in partnership with Newcastle Borough Council to assemble the site to create this highly successful scheme which is now virtually fully let.”

Alan Snowball, managing director of Atmore, said: “I am delighted to have secured for the Group another quality piece of real estate which is attractive in its appearance, well let with an exciting future.”

Craig Bales of Lambert Smith Hampton who acted for St Modwen, commented: “Castle Walk is trading extremely well and Newcastle is increasing in popularity as a good quality retail destination.”

For further information contact Derek West of St Modwen on 0121-456-2800.

Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).