St Modwen sells Eastleigh mixed investment

Key Property Investments Ltd, St Modwen Properties PLC’s joint venture with Salhia Real Estate of Kuwait, has sold a mixed retail and office investment in Leigh Road, Eastleigh, Hampshire, to a local property investment company, for £505,000.

The investment comprises just over 836 sq m (9,000 sq ft) of accommodation on ground, first and second floors. The sale price equated to a net initial yield of approximately 10.5%.

Charles Evans of St Modwen, said: “The disposal is part of our on-going programme of selling smaller ‘treading water’ assets where opportunities for active management have been maximised to produce an attractive return for the smaller investor”

Palmer Fry acted for St Modwen.

For further information contact Charles Evans on 020-74995666. Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).