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St. Modwen, the UK’s leading regeneration specialist, has exchanged contracts to sell its Phoenix Retail Park development in Longton, Stoke-on-Trent, to a private investor.

The fully-let retail park is to be sold for £8.3 million, reflecting a net initial yield of 7.34 per cent. Completion of the sale is set for March 2013.

Built on the former Phoenix Timber Yard site, Phoenix Retail Park enjoys a prime position fronting the A50 leading to Longton town centre. It provides 42,100 sq ft of retail space in a terrace of four units leased to Brantano Footwear, DSG Retail, Pets@Home and Smyths Toys, in addition to a 3,556 sq ft McDonald’s restaurant and Drive Thru. Lease lengths range from 10-25 years and the park has a current passing rent of £644,570 per annum.

St. Modwen received planning permission to build the retail park in April 2011 and it opened for trading just over a year later.

Euan Lindsay, senior development manager for St. Modwen said: “Phoenix Retail Park boasts 100 per cent occupancy which demonstrates that by providing quality product in the right location there is business to be done.”

St. Modwen is represented by Ramsdens and the purchaser by Real Estate Exchange Ltd.

Elena Chasovnikova of Real Estate Exchange Ltd, said: “Phoenix Retail Park has fast become a busy destination retail park with a secure income profile. Our client anticipates that this asset will continue to attract the interest of both retailers and investors well into the future.”