National developer St. Modwen has completed on the investment sale of its Branston Square site, which has been sold to a private investor for £1.775m.
The shopping parade, in Branston, near Burton upon Trent, which was constructed in 2015, comprises a terrace of five fully let shop units, including a Co-op food store, Birds bakery, tanning salon, restaurant and Barnardo’s charity shop.
Ian Romano, Development Director at St. Modwen, said: “We received strong interest from investors, and the completion of the sale of Branston Square demonstrates that a combination of capital value, income profile and projected return is ideally suited to the requirements of a private investor. Our focus is now on the next phase of speculative industrial development at Burton Gateway.”
The sale follows the recent news that St. Modwen has submitted plans for more than 100,000 sq ft of industrial space in the next phase of development at its 1m sq ft Burton Gateway commercial business park – one of the largest warehouse developments in the Midlands.
Branston Square forms part of a 175-acre mixed use urban extension which, once completed, will comprise 660 new houses and 1m sq ft of industrial, storage and distribution units.
Formerly a 280-acre wasteland, St. Modwen carried out extensive highway works to support the regeneration of the area and, in turn, develop a key location for commercial and residential development.
For more information on Burton Gateway, visit www.burtongateway.co.uk
For more information visit www.stmodwen.co.uk
Cheetham and Mortimer represented St. Modwen in the sale.
Peter Hale & Associates and Savills represented the purchaser and the investment manager was Prideview.