St Modwen sells district centre for £2.8m

St Modwen has sold the recently completed Quay Shopping Centre in Connah's Quay, North Wales to Local Parade Investments, a joint venture between London-based Local Shopping REIT and Pramerica Real Estate Investors.

The assets consists of 20,000 sq ft of retail units, let to a range of local and national retailers including Greggs, Home Bargains and Card Factory, on six acres. The project completed at the end of 2010 and is anchored by a 52,000 sq ft Morrisons foodstore, forward-sold in 2009 to South Yorkshire Pensions Authority for £11.8m.

Michelle Taylor, North West regional director at St. Modwen, said: "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 and the local area."

Nick Gregory, joint chief executive of LSR, said: "This acquisition represents the third purchase for our new joint venture with Pramerica Real Estate Investors, and is part of an active programme of investing in retail parades and neighbourhood centres throughout the UK."

Mason & Partners and Oslwang LLP advised LSR; Cheetham & Mortimer and DWF acted for St Modwen.