A DEAL worth tens of millions of pounds has been struck to sell Trafford Retail Park to an investment company.

The 12-acre retail park has been sold by current owners Peel L & P to UK Commercial Property Real Estate Investment Trust (UKCM) for £33 million.

Built more than 20 years ago, Trafford Retail Park includes around 143,000 square feet of space across 14 units.

As well as retailers like B&M, Dunelm, Home Bargains and TK Maxx, it has restaurants like McDonalds, Nando's, Pizza Hut and new arrival Five Guys.

The retail park as a whole is thought to deliver an annual income of around £2.5 million in rent, at an average of more than £17 per square foot of space.

Kerri Hunter, fund manager at UKCM, said: "This deal presents us with an opportunity to strengthen our portfolio and enhance income through the acquisition of a well-located retail park with a high-quality tenant base and impressive footfall in one of the UK's premier shopping and leisure destinations.

"While some parts of the retail sector have struggled in recent years, Trafford Retail Park is primarily let to discount-focused and convenience-led retailers, which have proven resilient and continue to perform well.

"As a diversified real estate investment trust, we benefit from the ability to look for assets across a range of sectors that offer accretive returns, enabling us to deliver value and income to our investors."