St Modwen dispose of £3.2 M retail and office investments

St Modwen Properties PLC has completed the disposal of a package of retail and office investments totalling £3.2 million in the South of England.

The properties – in Middlesex, Hampshire and Sussex – were sold as part of St Modwen’s strategy of disposing of holdings where the potential for active management has been maximised.

Audit House, Eastcote, Middlesex, a 1970s office building of 1,540 sq m (16,500 sq ft), let to a variety of tenants and producing approximately £158,000 a year, has been sold to Aspect Property Group for £1.375 million. Smith Melzack acted for the purchaser.

A private investor paid £920,000 for a fully let 808 sq m (8,700 sq ft) retail/office building,Clarendon House, in the centre of Basingstoke, which is producing more than £98,000 a year. London Clancy acted for St Modwen.

A 1970s high street retail unit with offices, totalling 558 sq m (6,000 sq ft) in South Road, Haywards Heath, has been acquired by a private investor for £915,000. The property, where recently Halifax plc leased the ground floor on institutional terms, produces £97,000 a year. Alsops acted for St Modwen.

All three properties were previously acquired by St Modwen as part of portfolio purchases and have benefitted from St Modwen’s active management in refurbishment and re-letting.

Charles Evans of St Modwen said: “This is the start of a rolling programme which will see further disposals in the coming year.”

For further information contact Charles Evans of St Modwen on 0207 499 5666. Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771)