Leamington Shopping Park has been sold for £58 million to an investment management firm.

CBRE IM has bought the Tachbrook Park Drive site - which is home to The Range, M&S, Halfords and more - from abrdn's UK Real Estate Fund.

The 159,000 sq ft development was acquired in a deal worth £57.55 million.

Property agent Knight Frank helped advise on the deal, with senior surveyors from the company sharing news of the sale on LinkedIn.

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Daniel Serfontein, partner in Knight Frank's retail team, said in a statement published by TheBusinessDesk: "Retail parks are an increasingly attractive asset type, with prime locations like Leamington Spa able to deliver strong footfall owing to a diverse occupier mix.

"We are pleased to have advised CBRE Investment Management in adding this impressive asset to their portfolio."

Work to create two new drive-thru eateries at Leamington Shopping Park is currently well underway.

Meanwhile Pret a Manger was recently granted planning permission to open a new café there.

Businesses on the site remain open as usual.