St. Modwen Pensions Ltd, the pension fund of St. Modwen Properties PLC, has sold its long leasehold interest in Ridge House, a multi-let office investment on Festival Park, Stoke-on-Trent, to First Vintry Property Fund for £2,650,000, reflecting an initial yield of approximately 7%.
Ridge House was one of the first office schemes at Festival Park, constructed in 1991, with the development comprising 11 units totalling approximately 20,500 sqft, which was let to various local and regional companies, primarily in the professional and financial sectors.
Festival Park has been developed since 1988 and with current phases in Etruria Valley coming foward, will eventually extend to more than 200 acres of mixed use development. The successful sale of Ridge House is a demonstration of the benefit of long commitment to major regeneration projects.
Andrew Cox, on behalf of St. Modwen Pensions, said: “Demand for our investment was particularly strong, reflecting the investment market appetite for multi-let assets like Ridge House. We are delighted with the sale to the First Vintry Property Fund.
He added: “St. Modwen remains very active in North Staffordshire, with commitment to the regeneration of major sites in the area.”
Colliers CRE acted for St. Modwen Pensions and Fineman Ross represented First Vintry.
For further information contact Andrew Cox (01782 281844). Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).