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St Modwen sells retail investment in Buxton

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).