A Coalville business park helped Leicestershire County Council's investment property portfolio generate £7.1 million over the past 12 months to help fund frontline services.

The County Council owns a collection of commercial properties that it rents out to bring in income and plug the gap between what it spends and what it receives from central government.

Among those sites is the Apollo Business Park in Coalville.

Money raised through the investments helps to fund frontline council services such as delivering social care for adults and children and fixing and preventing potholes, helping relieve some of the demand pressures facing critical services.

Members of the Tory-run council's cabinet agreed that the corporate asset investment fund strategy will go before full council for approval later this month.

The strategy includes provision to invest a further £89million over the next four years – which the council says will help it achieve its target of eventually generating circa £18million per year.

Leader of the council, Councillor Nick Rushton said: "It's just a good job we don't invest in airports, airlines or retail, otherwise we'd be well up the creek."

Lead member for finance, Councillor Byron Rhodes, told members: "I think we should be quite pleased with the investments we've made.

"What we must be concerned about is that this is an investment fund to protect our overall ability to derive income from monies that we have to hold."

A report on the corporate asset investment fund, stated that an external review has taken place in light of the Covid-19 crisis.

The review found that the fund had "performed well during 2020 despite the pandemic".

It said: "No tenants had gone bankrupt and there were no voids directly arising from the pandemic. Whilst some changes to the frequency of rental payments had been agreed with some tenants, all continued to pay rent on time."

Papers revealed that 34 new lettings had been agreed since March and acknowledged it was more difficult to secure new tenants at this uncertain time. But said that the fund was s"strong and resilient".

The council's current property portfolio includes:

• A new 100,000 sq. ft building at Loughborough University Science and Enterprise Park – creating a new HQ for tech firm The Access Group. The building was handed over to The Access Group in November. The Access Group's fit-out works programme is due to complete at the end of March, at which point it will move in.

• Airfield Business Park in Market Harborough – the council expanded the site by 80,000 sq. ft to offer industrial units to let, creating more than 200 jobs. Nine of the 12 units have now been let, one is under offer and in solicitors' hands and the other two have expressions of interest.

• Apollo Business Park – offering 40,000 sq. ft industrial units and creating 120 jobs – is thriving, with most units now occupied. Fourteen units have been let, with another two in solicitors' hands. The final unit of 4,600 sq. ft. is available via the council's agents.The independent review of the fund identified the industrial, distribution and logistics sectors as being most resilient in the current circumstances, especially as Leicestershire is located at the heart of the national transport network.

The independent review of the fund identified the industrial, distribution and logistics sectors as being most resilient in the current circumstances, especially as Leicestershire is located at the heart of the national transport network.