St Modwen has sold the first phase of its Castle Walk shopping scheme in Newcastle-under-Lyme to Atmore Properties.
The 64,500 sq ft (6,038 sq m) development was sold as an investment for £7m, representing an initial yield of 8.1%.
A 20-unit, 57,000 sq ft (6,038 sq m) second phase is under construction and will be open for trading in the summer.
St Modwen also announced it had secured ASDA as an anchor tenant at its planned Edmonton Green shopping centre in Edmonton, N18.
The signing will allow the developer to go ahead with its £30m plans to redevelop the existing shopping centre, which will add 200,000 sq ft (18,580 sq m) of shops and a 60,000 sq ft (5,574 sq m) leisure centre.
EGi News 05/03/02
