Modus Properties has disposed of four retail developments this quarter, totalling £55.5m, as part of its strategy to refocus on redevelopment in larger towns.
Since the beginning of December, the Manchester-based developer has sold six retail schemes, with a combined value of more than £160m.
Managing director Brendan Flood said: “We have substantial cash resources now for the next phase of our growth, which will involve bigger town centres throughout the UK.”
The properties sold include the 50,000 sq ft (4,650m2) Park View shopping centre in Whitley Bay which was bought by Belfast-based investor Donegall Place Investment, advised by McKibbin Commercial, for £13.1m and the 138,000 sq ft (12,800m2) Pendle Rise shopping centre in Nelson, east Lancashire, purchased by investment clients of 4D Properties for £14.7m.
The company has also sold its 80,000 sq ft (7,400m2) Rawson Quarter shopping centre in Bradford and the 90,000 sq ft (8,360m2) Wren Nest retail park in Glossop to Threadneedle, acting for Allied Dunbar Assurance and advised by Tushingham Moore, for a combined £27.7m.
Simon Lyons & Co, Howes Holden, Bennett Real Estate Consultants and Savills acted for Modus on the various deals.
References: EGi News 29/03/05
