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St Modwen sells Worcester Retail Park investment

St Modwen Properties PLC has sold the remainder of its Shrub Hill Retail Park development, Worcester, to Derby Property Investments Ltd which also purchased the earlier phase last year.

The sale  price of £5.1 million represents an initial yield of 6.2%.

The western section of Shrub Hill Retail Park separated from the remainder of the Worcester and Birmingham Canal across which St. Modwen built a new bridge link with associated canal-side improvements, comprises three retail units totalling 2,067 sq m (22,246 sq ft) occupied by Staples, Carphone Warehouse and Blockbusters. The total rent roll is £322,000.

The transaction was effected by the sale of an SPV (Single Purpose Vehicle) whose sole asset was the property.

Alan Williams of St. Modwen said “Having sold the eastern part of the retail park to Derby Property Investments last year, they were the natural purchaser of the western section.

“We have retained ownership of land next to Staples to pursue the next stage in the development of Shrub Hill for retail development”.

St Modwen acted for itself. Fineman Ross represented Derby Property Investments.

For further information contact Alan Williams (0121-456-2800) or e-mail: awilliams@stmodwen.co.uk  Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).