St Modwen sells office investment in Wolverhampton

Redman Heenan Properties Ltd, the investment subsidiary of St Modwen Properties PLC, has sold Bankfield House, Waterloo Street, Wolverhampton, to Safefield Properties Ltd for £500,000, representing a net initial yield of 13.25%.

Bankfield House is a three storey office building constructed in the early 1970s having a net internal area of some 2,786 sq m (29,991 sq ft ) and let principally to Wolverhampton University on a short lease.

Allsops acted for St Modwen.

For further information contact Alan Williams, Director of Investment

Properties, St Modwen Properties, on 0121 456 2800. awilliams@stmodwen.co.uk

Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).