SIMMS CROSS SOLD TO NORTH WEST PROPERTY INVESTMENT FIRM

Simms Cross, a 20,177 sq ft mixed retail and office development by Widnes Regeneration Ltd, the joint venture between St Modwen Properties PLC and Halton Borough Council established to breathe new life into Widnes town centre and the surrounding areas, has been sold to the Northern Trust Group for £2.3 million.

The development, completed in late 2005, comprises 11 retail units and 9,400 sq ft of offices.

Richard Bakes, development manager of St Modwen, said: “The successful sale of Simms Cross, on the back of the sale of Liebig Court, clearly demonstrates that investors are willing to invest in Widnes which is in stark contrast to where we were ten years ago when Widnes Regeneration Ltd was founded.

“Most of what has happened in Widnes town centre over the last decade is due to the activities of Widnes Regeneration. The Asda superstore and the resultant developments of Alfred and Liebig Courts in Widnes Road, the Gerrard Street and Simms Cross schemes and the JJB-led regeneration at the northern end of the centre have transformed the centre and would not haver happened without the creation of this development vehicle.

“It also pioneered the housing regeneration in Halebank and continues to be active with current schemes at Heron Business Park and Venture Fields with more to follow in the Widnes Waterfront Economic Development Zone. These sales release funds for further development.”

Colliers CRE acted for Widnes Regeneration.

For further information contact Richard Bakes of St Modwen (01925 825950).

Issued by Paul Raymer of Howle Chapman Raymer (0121 313 1000).

Ref: MOD/60/08