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St. Modwen, the UK’s leading regeneration specialist, has boosted its North West portfolio with the £4 million acquisition of The Market Precinct in Farnworth, Bolton.

The acquired site includes 21 units, let to a range of national and local retailers, and is located in the heart of Farnworth between the town’s open market and bus station and fronting the town’s main shopping precinct.

Michelle Taylor, North West regional director, St. Modwen said: “Farnworth Market Precinct provides a secure rental income with numerous opportunities to add value and improve the convenience shopping offer in Farnworth. As such, it will complement St. Modwen’s UK-wide retail portfolio which, under our management, continues to perform strongly with high occupancy and robust rental levels.

“Farnworth town centre is benefiting from considerable investment at the moment, including a new college campus, and so we see a real opportunity to bring our regeneration expertise to bear upon the precinct’s future prosperity. We will look to work closely with Bolton Metropolitan Borough Council and other stakeholders to identify opportunities to continue driving positive change in the area.

With a five million sq ft national retail portfolio of circa 25 projects, St. Modwen is one of the few developers with several live major schemes across the UK and with a pipeline of development ready to start on site throughout 2011 and beyond.

St. Modwen’s retail development pipeline includes a mix of town centres, high streets, shopping malls, district centres, out of town retail parks and complementary retail for office and residential-led sites.

King Sturge acted for St. Modwen and Jones Lang Lasalle advised the vendor.