A property management company has just bought the award-winning Peterborough Garden Park for an undisclosed sum.
The 91,598 sq ft retail park in Eye Road has been snapped up by Norwich-based commercial property investment, development and management company, Targetfollow.
Now the new owners are promising ambitious plans to ensure that traders on the park continue to blossom.
Targetfollow’s chief executive Corin Thoday said: “We are thrilled to announce our acquisition of Peterborough Garden Park.
He said: “We look forward to working with current and new retailers to develop the site into a top UK retail, social and leisure destination.
Mr Thoday added: “Our team is working hard on exciting plans and initiatives for the site and we will bring our experience and expertise in the retail sector to Peterborough Garden Park to support the traders and help them continue to flourish.”
The retail park is set within an 18.5 acre site which the new owners say will provide opportunities for further development in the future.
The park is currently anchored by the Van Hage Garden Centre and is let to a number of other retailers, which include Cotswold Outdoor, Romans, Pavers and The Works. Peterborough Garden Park was built in 2010 and with its distinctive architecture and landscaping, it has won a string of prestigious awards.
These include the Revo Gold Award for ‘Best Out-of-Town Retail Scheme in the UK’ and the Garden Centre Association’s ‘Best Garden Centre - Midlands’.
Commercial agents Savills advised the seller through what has been described as a competitive sales process and Carter Jonas advised Targetfollow on the transaction.
The purchase is a significant addition to Targetfollow’s growing property portfolio.
With a dynamic asset management approach, they have achieved success with other assets in attracting new retail offers, developing comprehensive activity and events programs, utilising technology and increasing footfall.
Targetfollow Group was established in 1991 and specialises in the acquisition and management of investment and development properties.
Mr Thoday said: “Targetfollow owns the Upper Pantiles in Tunbridge Wells which we have invested in significantly.
“We run approximately 100 events a year which creates significant brand profile and footfall, the result of which is that the Upper Pantiles is fully let and trading very successfully.
“We will bring this experience and expertise to Peterborough Garden Park to support the traders and help them continue to flourish.”