THE Wycombe Retail Park which opened at the end of August, 2004 has been sold for £56 million.

Kennet Properties, the property arm of RWE Thames Water, has sold the 100,000 sq ft park to Ropemaker Properties Ltd (as nominees for BP Pension Fund).

Tenants include PC World, Furniture Village, Comet, Land of Leather and Pizza Hut, which have been let on 15-25 year leases which produce a proposed rental income of £3,068 million per annum. The purchase represents a current net initial yield of 5.17 per cent.

Simon Williams, development director of Kennet Properties, said: "We made a decision three years ago to develop this scheme so we could ensure we left a legacy in High Wycombe of a top quality retail part with first class retailers.

"The strategy has paid off and we are very proud to have achieved this."

Nigel Wilson, head of the City property and construction group at Maxwell Batley advised Kennet in the sale. King Struge represented the purchaser.