Columbia Threadneedle acquires Rotherham’s Parkgate

One of the UK’s five largest shopping parks, with more than 400,000 sq ft of big box retail, the asset has been traded by Capreon.

Although the sale price was undisclosed, reports in early 2023 suggested that Capreon had been seeking around £65m for Parkgate.

The buyer is Columbia Threadneedle Real Estate, the property investment and asset management arm of Columbia Threadneedle Investments. The acquisition was made on behalf of client funds.

Parkgate comprises around 406,000 sq ft of retail warehouse and restaurant space on a 40.6-acre site with 2,250 free parking spaces.

Anchor tenants include Primark, Currys, Next, Poundland, Wren and Matalan with an adjacent Morrisons superstore, alongside around 40 retail and restaurant units ranging from 1,500 to 45,000 sq ft.

Parkgate attracts more than 8m visitors per year, and is set to benefit from the opening of a new 45,000 sq ft owner-occupied Frasers store in the first quarter of this year, along with the completion of a spine road extension linking it with the A6123 to the east, expected in May.

Columbia Threadneedle Real Estate said it will draw upon its experience and standing as one of the UK’s largest retail warehouse owners to reenergise Parkgate, enhance the tenant mix and maximise its potential.

A spokesperson said: “We are delighted to add Parkgate to our extensive retail warehouse portfolio that now totals some 10 million square feet.

“By utilising our existing strong retailer relationships, we see real opportunity to maximise Parkgate’s potential both for retail and restaurant operators and customers, taking its place as a leading shopping and leisure destination befitting of its scale and regional dominance.”

ESH acted for the purchaser and Staunton Whiteman represented the vendor.