Borehamwood Shopping Park has been sold for more than £80 million.

The retail park, in Theobald Street, was bought by a firm, whose name has not yet been disclosed, for £80.6m.

Hercules Unit Trust bought the shops, formerly known as Boulevard 25, in July 2000 for £28.6m, with stores such as Gala bingo, Tempo and Focus among the first businesses to appear there.

Since then, big brand stores have taken up most of the 23 units, with recent arrivals including Laura Ashley, Starbucks and New Look.

A spokeswoman for the former owner said the company thought it was a good price especially in a tough property market. She said it was unlikely shoppers would notice any changes because of the sale.

Rob Thomas, general manager of fashion store Outfit, said: “A good job has been done to upgrade the park in the past year.

“With competition from other shopping centres such as Westfield opening recently, it’s vitally important that Borehamwood retail park remains an appealing and attractive place for people in the area to continue shopping there.”