St Modwen associate disposes of York retail investment for £1 million

Key Property Investments Ltd, the joint venture between St Modwen Properties PLC and Salhia Real Estate Company of Kuwait, has sold a retail investment in York for £1 million.

Two shops with offices above at 5, Kings Square and 2-3, Kings Court, York, with a current rental income of £111,510 have been sold to Oakgate Group PLC, reflecting a net initial yield of 10.5%. Tenants include WS Atkins (Services) Ltd and Countrywide Surveyors Ltd.

Alan Williams, Director of Investment Properties, St Modwen Properties, said: “This property was acquired as part of a portfolio from Refuge Assurance, most of which after a programme of active asset management, has been sold. The sale accords with our strategic policy of disposing of those assets where we believe we can no longer add significant value.”

For further information contact Alan Williams of St Modwen Properties on 0121-456-2800. Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).