A PARKGATE retail park has been bought for over £22 million by a joint venture partnership which intends to expand the park’s retail quota, with potential new job opportunities in the near future.
Long-standing business partnership Pradera and Brockton Capital have acquired the Foundry Retail Park at Parkgate, that was known formerly as the Great Eastern Retail park.
Well-known brands currently inhabit the park, including DFS, B&M, The Range and CSL.
Measuring 154,000 sq ft or 17.8 acres in total, the park was owned previously by the UBS and Triton Property Fund, who refurbished its units there two years ago to attract new tenants.
Situated close to the successful Parkgate Shopping outlet where a new Frankie and Benny’s restaurant opens soon, the Foundry is also within easy distance of Rotherham town centre.
And it is thought its new purchasers will aim to expand on the current concentration of furniture and furnishing stores, along with other retail and leisure development.
They may also introduce food and drink outlets on over three acres of land that is currently unused.
Speaking about the acquisition in his column in Property Weekly, Neil Varnham, a director at Pradera said: ““This park is ideally located close to the town centre and has the strongest concentration of furniture and furnishing retailers, which we aim to build upon in the forthcoming period to deliver an even stronger offer.”
The partnership between Brockton Capital and Pradera Uk was formed last year, witht he intention of building a portfoliio of retail warehouse parks.
The Foundry Retail Park is their second purchase, following the acquisitionof the Cardiff Gate retail Park.
Investment company Pradera is known for buying, improving and developing sites then selling them on within two to 15 years, depending on the best business option that is available at any given time.