Chippenham's Borough Parade shopping centre has been sold for £16.3m.

The 82,000 sq ft retail centre, which links to the High Street and houses retailers such as Waitrose, New Look and Argos, has been bought by London property investment firm Development Securities.

Development Securities director Matthew Weiner said: “The Chippenham shopping centre complements our existing portfolio of food store-anchored retail schemes and is well-placed to benefit from an improving retail market, being located within an affluent catchment area and offering a mix of strong retail brands.”

The former joint owners Clearbell Capital and Tristan Capital Partners invested heavily in the centre, which has new signage and is now fully let.

Clearbell asset management director Dominic Moore said: “It’s always pleasing to see the positive impact of hard-working asset management.

“We’ve been able to make some big changes at Borough Parade, which not only improved the shopping centre but the town of Chippenham more generally. At the same time we have successfully raised the value of the asset, and this sale represents an important move in the selling down of this attractive portfolio.”

Tristan Capital Partners director of portfolio and asset management Jeremy Bullock said: “The pick-up in UK retail values, which has spread to the secondary markets as the broader economic recovery has gathered momentum, along with the added value of significant asset management improvements, provided an opportune time to sell as we had comfortably achieved return targets.”