St Modwen sells Connah’s Quay units

PROPERTY developer St Modwen has sold 20,000 sq ft of units at the Quay Shopping Centre at Connah’s Quay on the Chester/North Wales border for £2.8m.

The units, which are part of a broader redevelopment of the area completed by St Modwen late last year, have been sold to Local Parade Investments – a newly-formed joint venture between London-based Local Shopping REIT (LSR) and Pramerica Real Estate Investors.

They are occupied by a mix of independent and national retailers including Greggs, Home Bargains and Card Factory.

The development is anchored by a 52,000 sq ft Morrisons foodstore with a 325-space car park which had already been forward-sold to South Yorkshire Pensions Authority in 2009 in a deal worth £11.8 million.

Michelle Taylor, North West regional director at St. Modwen, said: “Our project at Connah’s Quay has seen a previously run down local precinct transformed into a vibrant new district centre, creating new employment opportunities.

“We are delighted to continue the success of Quay Shopping Centre by attracting this investment.

“LSR is an established, well-funded expert in the field of local retail property and the successful conclusion of this deal is a significant vote of confidence for the future of the scheme.”

LSR’s joint CEO Nick Gregory said the purchase was the third made by the joint venture company and was part of an active programme of investing in retail parades and neighbourhood centres.

The joint venture company was advised by Mason & Partners and St Modwen was advised by Cheetham & Mortimer.