Fund buys Apollo Park for £7m

Property fund manager Cordea Savills has purchased Apollo Park, near Warrington, for £7m on behalf of its UK income and growth fund.

Apollo Park is a mixed-use development let on long leases to tenants including Travelodge, Harvester and Starbucks.

The development is located next to junction eight on the M62 motorway and adjacent to IKEA and M&S stores.

Cordea Savills said Apollo Park was one of two assets purchased worth a total of nearly £10m by its UK income and growth fund.

The second acquisition is also a mixed-use property in Jermyn Street in London and comprises a retail unit on the ground floor and basement let to Russell & Bromley, with offices and consulting rooms above.

George Tindley, fund director, said: "We continue to seek assets that will deliver secure income but which are capable of delivering outperformance in the future either through rental growth or asset management."

Cordea Savills' UK income and growth fund now has six assets with value of £77m.

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