National developer St. Modwen has completed on the investment sale of its Branston Square site, which has been sold to a private investor for £1.775m.
The shopping parade, in Branston, near Burton upon Trent, which was constructed in 2015, comprises a terrace of five fully let shop units, including a Co-op food store, Birds bakery, tanning salon, restaurant and Barnardo’s charity shop.
Ian Romano, development director at St. Modwen, said: “We received strong interest from investors, and the completion of the sale of Branston Square demonstrates that a combination of capital value, income profile and projected return is ideally suited to the requirements of a private investor.
“Our focus is now on the next phase of speculative industrial development at Burton Gateway.”
The sale follows the recent news that St. Modwen has submitted plans for more than 100,000 sq ft of industrial space in the next phase of development at its 1m sq ft Burton Gateway commercial business park – one of the largest warehouse developments in the Midlands.
Branston Square forms part of a 175-acre
Formerly a 280-acre wasteland, St. Modwen carried out extensive highway works to support the regeneration of the area and, in turn, develop a key location for commercial and residential development.
Cheetham and Mortimer represented St. Modwen in the sale and Peter Hale & Associates and Savills represented the purchaser
St. Modwen operates across the full spectrum of the property industry from a network of regional offices, a residential business, and through joint ventures with public sector and industry partners.
The Company is focused on regeneration and has a
The firm’s £1.7bn national portfolio of over 100 projects includes; the regeneration of New Covent Garden Market, London; the transformation of Longbridge, Birmingham and the on-going regeneration of over 2,500 acres of former industrial land in South Wales which includes the delivery of the new £450m Bay Campus for Swansea University.
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