Property news - Westcroft freehold is sold

Royal London Asset Management has sold the freehold of Westcroft Retail Park at Milton Keynes, Buckinghamshire to JP Morgan for£18.6 million, reflecting a net initial yield of 5.7 per cent. Tenants at the 75,615 sq ft (7,025 sq m) retail park include Boots the Chemist, JJB Sports, Jollye's, Poundstretcher, Bewise, McDonalds, KFC and Pizza Hut. It generates an annual rental income of£1.1 million. The majority of the income is secured on unexpired lease terms of more than 16 years.