St Modwen Properties : . MODWEN SELLS HATFIELD RETAIL REDEVELOPMENT

21st October 2016

The UK's leading regeneration specialist St. Modwen has sold its retail development at 88-96 Town Centre, Hatfield to a private investor.

The sale was agreed at £1.45m, reflecting a net initial yield of 7.5%.

The retail parade includes five units totaling 5,774 sq ft (537 sq m), which were developed by St. Modwen and tenants include Savers Health & Beauty, Coral, Fone Smart and Barnados,

St. Modwen completed its redevelopment of the site, adjacent to the ASDA food store, in 2014. The development also includes 15 town centre apartments, which were previously sold to a private investor.

St. Modwen's redevelopment of Hatfield Town Centre also includes 17c and 17d Town Centre which overlook the town's central White Lion Square. Unit 17d has recently been let to a Romanian foodstore specialist, Rofood UK Limited. Unit 17c is under offer.

The pedestrianized street between the two sites was also refurbished by St. Modwen, along with much of the public realm, with new lighting, paving and street furniture, including trees and benches, installed to create an attractive environment for shoppers, businesses, residents and visitors to Hatfield.

Rupert Wood, Regional Director, Northern Home Countries at St. Modwen, said:
'The redevelopment has had a very positive impact on the Town Centre as a whole, which is attracting new occupiers and further investment is being undertaken by the local authority.'

'It is St. Modwen's strategy to sell completed developments where conditions allow and the proceeds from the transaction will be reinvested into new opportunities in the region.'