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Parkgate Shopping in Rotherham has been acquired for an undisclosed sum.
Rothbiz reported last year that the UK’s second largest retail park had been put up for sale with a guide price of £80m.
The site comprises a total of 577,837 sq ft of unrestricted retail accommodation in 45 units and occupies a site of 37.5 acres.
Back in 2015, BMO Real Estate Partners (BMO) acquired the park in a transaction worth around £175m. BMO’s EMEA asset management business was acquired in 2021 and rebranded into Columbia Threadneedle Investments.
Now Columbia Threadneedle Real Estate, the real estate investment and asset management arm of Columbia Threadneedle Investments, has acquired the park, which brings in some £7.267m each year. At 406,000 sq ft, that’s around £17.92 per sq ft overall.
In 2021, Parkgate attracted 10.123 million shopper visits, It benefits from a catchment population of 438,954 within a 20 minutes drive and captures 31.9% of all retail spend within it.
A spokesperson for Columbia Threadneedle Real Estate 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.”
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2023 saw Poundland expanding into the former Marks & Spencer unit, Popeyes taking over from KFC, a new letting for Wren Kitchens and the Frasers Group developing plans to take on a large vacant unit. Wilkos was the biggest departure.
A £12m transport scheme, which includes a new access road and park & ride facility for the tram-train stop, is also set to benefit the location.
In 1987, Parkgate Retail World opened as part of the regeneration of large areas of reclaimed land formerly occupied by the Park Gate Iron and Steel Co.
The Hercules Unit Trust (HUT), which was advised by British Land and managed by Schroders, acquired Parkgate in a £260m deal from developers, the Stadium Group in 2005, representing an equivalent yield of 5.25%. As part of the same transaction, Stadium acquired Newport Retail Park from Hercules for £60m.
In 2014, British Land agreed to purchase £41m of additional units in Hercules, taking British Land’s share to 54.2%, which meant that the trust would become a subsidiary of British Land.
The property has been part of The Rotherham Unit Trust, ultimately held in an Channel Islands property investment firm. It has been managed by Capreon asset managers.
ESH acted for the purchaser, whilst Staunton Whiteman represented the vendor.
Images: Staunton Whiteman
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