The landlord confirmed the sale of St Oswald’s Retail Park in Gloucester to a local council for £54m – a price it said reflects a “net initial yield of 8.5%” and 8% below the June 30 2019 value.

Hammerson acquired and developed the site in 2005 and said it had since “increased the overall number of units on the park to improve the brand mix”.

The 225,000 sq ft centre hosts retailers such as Homesense, B&Q and Argos.