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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.

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