BP invests £56M in High Wycombe retail

BP Pension Fund has paid RWE Thames Water£56 million for Wycombe Retail Park in High Wycombe, Buckinghamshire. The 100,000 sq ft (10,000 sq m) retail park was completed at the end of August 2004 and tenants include PC World, Furniture Village, Wickes, Comet, Land of Leather and Pizza Hut on 15-25 year leases.

The scheme produces a rental income of£3.068 million per annum and the purchase price represents an initial yield of 5.17 per cent.

Simon Williams, development director of Kennet Properties, the property arm of RWE Thames Water, 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 park with first class retailers.'

King Sturge represented Ropemaker Properties, the property arm of BP Pension Fund, while Smith Price and Morgan Williams advised Kennet.