Manchester-based Modus Properties has acquired the 23,225 sq m (250,000 sq ft) Peterlee Shopping Centre near Durham for £20m from Peterlee Town Centres. The deal represents a net initial yield of 9%.
Modus managing director, Brendan Flood confirmed that the company will refurbish the centre. He said: “Peterlee Shopping Centre has clearly seen better days but we intend to inject capital into the scheme which will result in its transformation.”
Tenants in the centre include Argos and Ethel Austin.
Fletcher King Riddell Braithwaite advised Modus.
EGi News 07/08/97
