Retail property - Modus and PJKI buy Southport's Central 12 Park

Manchester-based Modus Properties has formed a joint venture with PJKI, a private investment company that owns shopping centres in Colwyn Bay and Coatbridge, to buy the Central 12 Shopping Park at Southport, Merseyside, from Peveril Securities for about£50 million.

The 13-acre (5-ha) park on the edge of Southport town centre has 12 units totalling 190,000 sq ft (17,650 sq m) and 636 car parking spaces.

The scheme is anchored by Asda, and tenants include Next, Boots, Sports Soccer, Au Naturale, Birthdays and Royal Doulton. A 13,000 sq ft (1,205 sq m) letting for a George standalone is in solicitors' hands, and three units remain vacant.