Redman Heenan Properties Ltd, the investment subsidiary of St Modwen Properties PLC, has sold its specialist shopping centre, Cavendish Arcade, Buxton, to Willowlake Properties Ltd.
The sale price of £740,000 represents a net initial yield, after allowance for voids and non-recoverable expenditure, of 9.3%.
Cavendish Arcade was created in 1986 through the redevelopment of the former Victorian Thermal Baths by the Derbyshire Historic Buildings Trust funded by St Modwen.
The 955 sq m (10,276 sq ft) centre comprises 15 ground floor shops, let mainly to local and independent retailers, and a restaurant and office on the first floor.
Colliers Conrad Ritblat Erdman acted for St Modwen.
For further information contact Alan Williams, Director of Investment Properties, St Modwen Properties (0121-456-2800), Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).