Bath Road Shopping Park in Slough has been sold to SEGRO for £120.25million.

Royal London Asset Management (RLAM), on behalf of The Royal London Mutual Insurance Society Limited, sold the site which they acquired in January 2016 from The Crown Estate. 

Senior asset manager at Royal London Asset Management Elise Buchanan, said: “Royal London is delighted to announce the sale of the Bath Road Shopping Park, Slough. 

"In a challenging market, the price achieved reflects a premium to the existing use value”.

This comes after the owners of the retail park remained tight-lipped over the future of the site following a spate of store closures.

READ MORE: Bath Road retail park landlords remain tight-lipped about future

The retail park is situated approximately two miles to the west of Slough town centre on the north side of the A4, in close proximity to Junction 7 of the M4. 

Comprised of 10 units and extending to approximately 191,500 sq ft, the sale includes four vacant units, previously occupied by Furniture Village, Outfit, Mothercare and Argos. 

At the same time as the disposal to SEGRO, Royal London also sold the drive thru’ restaurant that fronts the site to the tenant, McDonald's, for £3.5million. 

Portfolio fund manager for the Royal London Pension Property Fund Stephanie Hacking said: “This is an excellent sale in a difficult market at a price that is accretive to fund performance. 

"The sale will allow the fund to recycle capital into other sectors that we consider offer better future performance prospects."

CBRE and GunnerCooke advised Royal London.  SEGRO was represented by Knight Frank and CMS.