St Modwen is poised to bring its shopping centre in Cannock to the market for around £14.5m, at a net initial yield of 8.25%.
The developer has instructed Grimley to market the recently developed 9,290 sq m (100,000 sq ft) Cannock Shopping Centre which is anchored by multiple supermarket chain, BY.
Other tenants in the centre include the Burton Group, New Look and Argos. Completed 18 months ago, the Cannock Shopping Centre is a covered centre just off the prime pitch of Market Hall Street.
A successful sale of the centre would see St Modwen dispose of all its retail holdings in the town following the sale of the second phase of Orbital , its out-of-town retail park for £4.725m last year.
A deal struck at a sub 8.5% yield would also be good news for Newport Holdings which, earlier this week, bought an adjoining retail investment of 13 shops for £3.2m.
EGi News 13/02/98
