A UK based residential and commercial developer, St Mowden have sold around 27% of their retail property portfolio featuring shopping centres in Birmingham and Webley.
St Mowden are no strangers to the property world, with over 30 years experience in their primary areas of focus, residential land and development and commercial land and development.
The two shopping centre sites that St Mowden have sold is over quarter of their retail portfolio. The first the Birmingham, Longbridge site, which includes a huge 22,000 sqft shopping park which has been sold to Zurich Assurance for £53.6million. The second site Wembley Central, another shopping centre is located in North London is also being sold to an unknown buyer for around £35.4 million. This site dwarfs the Longbridge site with a 118,000 sq ft area that includes a Travelodge hotel with 86 rooms.
With lots of movement in the retail market, St Mowden’s Mark Allan’s comments on the sale were “We plan to use the capital we release via these sales to bring forward future phases of Longbridge and accelerate the delivery of our 7.5 million sq ft near-term industrial/logistics development pipeline”
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