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LONDON-The second phase of the Castle Walk shopping centre in Newcastle-under-Lyme, Manchester, has been sold by the developer St Modwen Properties for £13.2 million ($21 million) to the Atmore Group.

Last year Atmore Group acquired the 64,500-sf first phase, and now it has bought the 57,000-sf second phase at a price reflecting an initial yield of 7.1 per cent. Tenants include Wilkinsons in 28,139 sf; H. Samuel; JJB Sports; Poundland; Peacocks; Bodycare; Outdoor Venture; the Fragrance Shop; Health Rack Home Bargains in 7,768 sf and Card Crazy

At the same time St Modwen has signed a joint venture agreement with South West of England Regional Development Agency to redevelop the 92 acre former Lister Petter site in Dursley, Gloucestershire, as an urban village. St Modwen was chosen as SWERDA’s preferred developer in the spring of 2002. St Modwen and SWERDA are now working on a detailed masterplan to deliver a mixture of more than 500 new homes together with 250,000 sf of employment units and an initial planning application will be submitted this autumn.

St Modwen Deputy Chairman & Chief Executive Anthony Glossop said: “Today’s two announcements are consistent with our overall strategy of disposing at a profit our successful developments where we have fulfilled our aims, and of adding further to our hopper of future opportunities.”

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