St Modwen joint venture disposes of Banbury retail investments

Key Property Investments Ltd, the joint venture between St Modwen Properties PLC and Salhia Real Estate Co., of Kuwait, has sold a retail investment in Banbury for £499,000.

Two shops with offices above, totalling 743 sq m (8,000 sq ft), at 35/38 Parsons Street, Banbury, with a current rent roll of £58,300 have been sold to A R & V Properties Ltd, reflecting a net initial yield of 11.2%. Tenants include The Court Service and Bernard Smith Fabrics 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.”

KPI was represented by Colliers CRE.

For further information contact Alan Williams (0121-456-2800) or e-mail: awilliams@stmodwen.co.uk. Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).