Wellington interest sold

HBG Properties and Swan Hill Developments have sold the long leasehold interest in Wellington Square Shopping Centre at Stockton-on-Tees, Cleveland, to Park Lane for£45.5 million. The price reflects a 5.8 per cent initial yield, which should rise to 7.2 per cent when the vacant units are let. Tenants at the 180,000 sq ft (16,720 sq m) centre include Debenhams, WHSmith and Superdrug.