Technology Retail Park in Rugby sold for £17million

The retail park will be accessed via Technology Drive
The retail park will be accessed via Technology Drive

A retail park has been sold for more than £17million prior to its completion in September.

Regeneration firm St Modwen has sold Technology Retail Park, near Technology Drive, in Rugby.

Aberdeen Asset Management has snapped up the 100,000 sq ft retail park on behalf of one of its clients for £17.4million.

Technology Retail Park was part of St Modwen’s £70million regeneration project and was 100 per cent pre let before construction began last year.

It will be anchored by a 48,751 sq ft Homebase when it opens in September as well as housing Wickes, Pets at Home and Bensons for Beds.

Peter Rudd, senior development surveyor at St Modwen, said: “This sale is good news for the region. Representing a sub-six per cent yield, it demonstrates a confidence in the area following our ten year regeneration of the former Alstom site.

“The swift letting of the units, combined with this sale to investors from outside the Midlands is evidence of the strength of the development we have created and the region’s economy as a whole.”

Robert Cass, head of UK transactions at Aberdeen Asset Management, said: “We are delighted to secure this well let retail park for our clients and build on the successful regeneration of the area carried out by St Modwen. We look forward to the opening of the scheme later in the year.”