Two retail parks next to Westwood Cross shopping centre have been sold for £80 million.

Westwood and Westwood Gateway Retail Parks – which are home to Homebase, Wren, and Dunelm – have been sold to BMO Real Estate by previous owner Hammerson plc.

Rents have been increased by 200% since the property development giant first took a stake in the area in 2002.

Hammerson carried out a series of extensions to the Westwood park after it became owner and added the Westwood Gateway site in 2005, building a new retail terrace in 2009.

The two sites cover 268,000 sq ft.

Hammerson chief executive David Atkins said: “We continue to actively manage our retail park portfolio, realising proceeds to recycle into higher growth opportunities.”

Next door, Westwood Cross shopping centre has 53 stores and restaurants and is owned by Land Securities, the same company which owns a controlling stake in Bluewater.