Showing posts with label Columbia Threadneedle. Show all posts
Showing posts with label Columbia Threadneedle. Show all posts

Monday, July 7, 2025

News: National retailer eyes former Rotherham Wilko store

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A national retailer is set to move into an empty unit in Rotherham, but only if planning permission is secured to enable the sale of a wider range of goods.

Rothbiz reported last year on the efforts of the owners of the Cortonwood Shopping Park in Rotherham to secure new tenants following the closure of the large Wilko store.

Administrators were called in to the British high-street retail chain in 2023. A deal to save hundreds of stores fell through and instead, B&M was reported to be acquiring 51 former Wilko store premises and then-Poundland owner Pepco took on the leases of up to 71 stores. The Range subsequently agreed a deal to buy the Wilko brand, website and intellectual property.

Managers, Threadneedle has already secured permission to split Unit 1 into two separate retail units for separate tenants and now they are applying for a change of use for Unit 1B so that it can be used for the sale of food and drink "by a national multiple retailer."

Plans for the 98,000 sq ft development were only passed on appeal at a public inquiry in 2013 after earlier being refused by Rotherham Council. The permission prevents a retail operation that is "primarily for the sale of food" and planning permission had to be secured in 2015 to enable an M&S Foodhall to open at the park.

Now permission is being sought for food retail at the 5,000 sq ft Unit 1B.

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The application states: "The application is submitted to enable a small-scale national multiple food and drink retailer to take occupation of the floorspace and enable its reoccupation. The Shopping Park can already be used for a wide range of food retail operations including M&S, Poundland, B&M and Morrisons. The proposal therefore does not result in a material change of the already permitted retail land use operations that can take place at the Shopping Park."

If approved, a new tenant would bring 25 jobs to the area.

As the site is classed as out of town, a sequential test is also included. Sequential tests ensure that development is located in the most sustainable location first (usually in town centres), before other, less sustainable locations are chosen.

Applicants say that there are no suitable and available sites in nearby town centres and hope that planners agree, in the same way they did with the M&S approval.

The plans conclude: "The proposal is positive economic investment in Rotherham which will secure sustainable economic growth by providing economically beneficial retail facilities at an existing and established retail location that enhances consumer choice.

"Further, the proposal will bring vacant economic floorspace into productive use.

"With this in mind, the proposal is a positive investment in Rotherham's retail market that results in the sustainable re-use of an existing building which currently does not contribute to the local economy. Reoccupying the floorspace at Unit 1B would provide new job opportunities and wage creation, which would be to the benefit of local people."

Images: Google Maps

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Tuesday, March 4, 2025

News: Plans to bring new tenants to Rotherham retail park

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Planning applications are progressing at Parkgate that could lead to new tenants opening at the popular Rotherham retail destination.

With Superdrug moving within Parkgate Shopping, doubling the size of its previous store with a c. 10,000 sq ft unit, plans have been approved that will allow a new occupier to move in to the empty unit.

My Dentist (GB) Limited has had its plans for unit 10c checked by Rotherham Council and the authority has issued a Lawful Development Certificate, approving the use as a dentist clinic under the current planning permission.

The key issue was whether or not the existing use falls within use Class E and therefore doesn’t require a change of use application. Changes in 2020 grouped Commercial, Business and Service in Use Class E and includes both the retail sale of goods, other than hot food, as well as the provision of medical or health services.

Planners concluded: "It is considered that the proposed use of the Unit for a Dentist Clinic can be carried out without the submission of a full planning application, as the previous and proposed uses fall within the same wider use class and as such there is no material change in the use of the building."

Mydentist is one of the largest dental providers in the UK with a national chain of 534 dental practices. It currently operates in Rotherham town centre and Brinsworth. The group is jointly owned by management and Palamon Capital Partners.

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Across the park, owners, Threadneedle, have submitted plans for Units 17 and 18.

The applications are for the reconfigurement of the internal layout, including the mezzanine, a new trolley bay and new solar panels.

The units are currently occupied by the TUI Holiday Superstore and One Below but the correspondence talks of new tenants.

Agents, Savills, said: "The works are part of a package of works to enable the units to be occupied by new tenants. As can be seen from the proposed works shown on the submitted plans they are of a minor nature and do not raise substantial considerations."

Another new opening involves an unnamed food retailer taking a new build unit. Rothbiz reported in January that an outline planning application had been approved for a new 20,000 sq ft foodstore at the park.

Parkgate Shopping website
Mydentisit website

Images: Google Maps

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Wednesday, October 9, 2024

News: New Parkgate openings confirmed

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Over 16,000 sq ft of retail park space has been leased at Parkgate Shopping in Rotherham.

Rothbiz revealed in August that an international coffee chain and two national footwear retailers were taking steps to open at Parkgate. This follows a planned expansion by a current retailer.

Occupying a unit of just over 4,000 sq ft on a five-year lease, Pavers is one of the UK’s leading comfort shoe retailers, with over 150 stores in the UK, offering a range of quality Pavers branded footwear in addition to other brands such as Fly Flot, Skechers and Padders.

Meanwhile, Starbucks has secured a new c. 2,000 sq ft unit adding to Parkgate’s extensive Food & Beverage line up, which includes key brands such as German Doner Kebab, Nandos, Frankie & Benny’s and Popeyes.

Superdrug will be upsizing at the retail park, doubling the size of its previous store with a c. 10,000 sq ft unit.

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Footasylum, a leading footwear and sportswear omnichannel business, has also announced that it is accelerating its growth plans across the UK and beyond after securing a £35m Revolving Credit Facility from HSBC UK. The funding will be used to roll out a store expansion programme, which includes a new store in Rotherham opening later this year.

The brands’ decisions to open and expand at Parkgate underscore the appeal of the park’s evolving line up. Columbia Threadneedle Investments’ ongoing asset management strategy has seen a series of new occupational deals at Parkgate in recent months including Wilko and a new multi-fascia unit for the Frasers Group comprising USC, Sports Direct and Everlast.

Tom Hatfield, Asset Manager at Columbia Threadneedle Real Estate, said: “In the two quarters since our acquisition of Parkgate, we have continued to diversify our retail offering for shoppers. Building on Columbia Threadneedle’s extensive experience within the retail park sector, Parkgate has welcomed eight new tenants and secured a key lease renewal – equating to over 94,000 sq ft of committed space - in just seven months. The arrival of these two new brands, alongside Superdrug’s expansion, is further evidence of the appeal of Parkgate. And with further tenant discussions already underway, we hope to make additional announcements soon.”

The leasing agents for Parkgate are Curson Sowerby Partners and Morgan Williams.

Parkgate Shopping website

Images: Curson Sowerby Partners

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Monday, August 19, 2024

News: More new openings at Parkgate planned

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An international coffee chain and two national footwear retailers are taking steps to open at Parkgate Shopping in Rotherham.

Rothbiz reported in June that several new lettings, upsizes and relocations were close to being finalised at the 2nd largest purpose-built retail warehouse park in the UK.

American coffee company and coffeehouse chain, Starbucks, is planning to open a new site, despite already operating less than a mile away.

Starbucks constructed a new Drive Thru store at nearby Foundry Retail Park at Parkgate and opened in 2020.

Now the Seattle-based chain wants to take on an empty unit at Parkgate Shopping that was previously home to rival chain, Costa.

Costa expanded at Parkgate Shopping when it built a 1,800 sq ft standalone drive-thru unit between Wilko's and Morrison's in the existing car park in 2017.

A planning application has been submitted for new signage for unit 32 that would see Starbucks slot in between Vision Express and Greggs.

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More shoe retailers have recently announced that they are coming to Parkgate.

With Deichmann opening in Rotherham in 2023 and Shoe Zone starting recruitiment but not actually opening, Pavers and Footasylum look to have got their feet in the door.

Founded in York in 1971, the family-owned business opened the first Pavers shop in Scarborough in 1981 and since then has grown to over 180 stores nationwide. One of the UK’s leading comfort shoe retailers, it offers a wide range of brands including Fly Flot, Skechers and Padders and the business now includes acquired brands, Jones Bootmaker, Herring Shoes and Van Dal.

Store manager and customer advisor roles are currently being advertised in Rotherham.

A unit for the retailer has not been announced but the job advert from Pavers confirms: "We are thrilled to announce the opening of our BRAND NEW STORE at Rotherham Parkgate Shopping Park in September 2024!"

Footasylum, the streetwear and sportswear retailer, has also begun recruiting for a store manager for a Rotherham store.

Founded in 2005 and headquartered in Rochdale, Footasylum had been owned by JD Sports since 2019 until it fell foul of the Competition and Markets Authority (CMA). It was bought by Aurelius in 2022 and, backed by the German investment firm, has expanded through new store openings and upsizing existing locations.

Footasylum stock includes Nike, Adidas Originals, Under Armour, The North Face, and more.

Again, a unit for the retailer has not been announced but the job advert from Footasylum confirms that it is for "one of our exciting NEW stores opening at Parkgate Shopping Park in Rotherham."

Also at the park, current tenant Superdrug has seen its planning application for new signage at Unit 7 approved. This will allow for an expansion for the beauty and health retailer to expand into the unit vacated by Poundland.

Parkgate Shopping spans over 40 acres and has 577,837 sq ft of ground floor retail accommodation. The destination was sold for around £60m at the start of 2024.

Starbucks website
Pavers website
Parkgate Shopping website

Images: Pavers / One Fine Day Design

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Monday, July 22, 2024

News: Owners plan to expand Parkgate with new foodstore

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Parkgate Shopping, the 2nd largest purpose-built retail warehouse park in the UK, could get even bigger if plans are approved for a new foodstore on the Rotherham retail park.

Having acquired the park for around £60m, new owners, Columbia Threadneedle, have assessed the potential for expansion when the delayed £12m link road and Park & Ride completes later this year.

A new outline planning application has been submitted for land next to Matalan which is currently used as a Park & Ride for the tram-train.

With the relocation of the Park & Ride to a larger facility when the road opens, the new proposal is for a 20,000 sq ft rectangular unit "that is the required format of food retailers in order to provide linear aisle for convenience goods shopping."

The applicant is Sackville UK Property Select IV Nominee (1) Limited and Sackville UK Property Select IV Nominee (2) Limited c/o Threadneedle Portfolio Services Ltd.

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The plans discuss that it will be a national multiple food retailer that will be the new tenants, with the proposed store employing circa 50 full-time equivalent staff members.

No occupier is named but an analysis of the current market submitted with the application by agents, Savills, states that this size of store is popular with secondary foodstores including Waitrose, M&S and Co-op, and discount foodstore retailers including Aldi and Lidl.

As the site is classed as out of town, a retail assessment and sequential test is also included.

Sequential tests ensure that development is located in the most sustainable location first (usually in town centres), before other, less sustainable locations are chosen.

The analysis concludes that are no suitable alternative sites in nearby town centres, highlighting that vacant buildings like the Howard Building or former bingo hall on Corporation Street in Rotherham town centre do not lend themselves to retail requirements.

When assessing the potential impact of the range of convenience goods proposed to be sold from the new foodstore at Parkgate on established town centres, the applicants say that "the only centre that the proposed development diverts trade from is Rotherham town centre," adding that: "the impact on convenience goods floorspace will be 3.1%, which cannot be characterised as significantly adverse under any reasonable threshold."

The principal location in the town centre that the proposal will draw trade from is the Tesco Extra store on Drummond Street. Analysis shows that the impact of the proposal on that store is 2.8%, which is considered minimal.

New analysis puts the Tesco Extra trading at £71.98m at 2029, double the estimate of £29.6m in a 2017 study. The proposed foodstore at Parkgate has an expected turnover of £16.86m at 2029.

Applicants add that the new proposal would not have a significant adverse impact on the Forge Island or markets redevelopments.

The plans state: "The impact of the proposal on existing convenience goods retail facilities in centres is not significantly adverse. The impact of the proposal on defined centres when taken as a whole is not significantly adverse. This conclusion is not considered be unusual [sic] given the modest scale of the foodstore proposed.

"Further, the ambition for Rotherham is for the revitalisation of that centre as a leisure-led location. The proposal has no impact on this ambition.

"The proposal will enhance convenience goods provision in the local area, affording local residents a greater choice of convenience goods shopping facilities. It will provide a modest foodstore at an accessible site in close proximity to surrounding residential areas."

Parkgate Shopping website

Images: Columbia Threadneedle / Harris Partnership / Google Maps

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Tuesday, January 9, 2024

News: Parkgate Shopping sold

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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.

Parkgate Shopping website

Images: Staunton Whiteman

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Friday, January 12, 2018

News: Multimillion pound property deals done

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A number of commercial properties in Rotherham have been sold as part of multimillion pound property deals.

At Eastwood, manufacturing firm CMD Ltd has acquired the building it occupies from property firm, St. Mowden, which itself bought the site in 2010. CMD will continue to use the 17,701 sq ft building as its headquarters.

Acquired last year by US firm, IDEAL INDUSTRIES, INC, the innovative company integrates power and technology with furniture and has a product range offering underfloor power systems, lighting and power busbars, lighting control systems, together with office power, cable management and ergonomic solutions.

St. Mowden also sold its Claywheels Lane Business Park in Sheffield, with the separate deals being for in excess of £3.3m.

Paul Brustad, asset manager at St. Modwen, said: "The successful sale of Claywheels Lane and Sycamore Court is testament to our investment and hard work in transforming commercial properties. The future looks bright for these sites and we wish the new owners all the best. Their disposal is in line with St. Modwen's strategic objectives and we will continue to bring similar properties to the market in order to support investment into larger commercial developments in the region."

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A range of Rotherham properties have changed hands as Network Space's 630,000 sq ft Network North portfolio was acquired by investment firm, Columbia Threadneedle in a £41.9m deal.

Formerly Langtree, the rebranded Network Space was established in 1982 and directly owns and manages an investment portfolio of over 3 million sq ft of modern industrial and office developments across 60 locations with a combined value of over £130m, the majority of which has been self-developed.

The advertised portfolio includes Units 1 & 3, Eden Close, Hellaby. The 16,191 sq ft Unit 1 is occupied by Pearson Education Limited (pictured).

Also in the portfolio is Sheaf House, on Bradmarsh Business Park in Templeborough which is the 36,000 sq ft headquarters of specialist healthcare equipment distributors Harvest Healthcare Limited.

The third Rotherham property in the portfolio is Unit 6 at Farfield Park, Manvers. Currently undergoing refurbishment, the 21,072 sq ft building was previously occupied by Purex.

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Richard Ainscough, managing director at Network Space said: "We took the decision to sell these assets so that we can accelerate the speculative development of our new industrial property.

"We will also continue to invest in our asset management platform so that we can continue to get the best out of our retained investments and those of our investor partners. We have an excellent team at Network Space, specialists with a true wealth of experience in the development, investment and management of industrial property."

Knight Frank in Leeds handled the disposal. FDR Law acted for Network Space and Addleshaw Goddard acted for Columbia Threadneedle.

Network Space will continue to hold a number of local properties in its portfolio. This includes the expanding Vector 31 at Waleswood and Century Park in Manvers.

CMD Ltd
Network Space website

Images: UKSE

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