News Archive

Tipton Shopping Centre, Investment sold for £2.3m

Tipton Shopping Centre, West Midlands, has been sold by St Modwen Developments Ltd, the property development subsidiary of St Modwen Properties PLC, to SPP Income Fund, acting for SPP (General Partner) Ltd , a joint venture between Coba Asset Management Ltd and BDO Stoy Hayward for £2.377 million, representing an initial yield of 8.8%.

St Modwen acquired the centre four years ago from Sandwell Metropolitan Borough Council under a joint venture agreement. St Modwen then demolished much of the existing centre and created a new centre anchored by a library and Co-op store.

Rupert Joseland of St Modwen said: “The sale concludes a classic example of St Modwen’s policy of buying ‘tired’ shopping centres, regenerating them and through a hands-on management approach letting the accommodation and successfully selling on the investment.”

St Modwen was represented by Colliers CRE and GVA Grimley acted for the purchasers.

For further information contact Rupert Joseland of St Modwen on 0121-456-2800. Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).