Croydon’s Colonnades Leisure Park has been the subject of a significant refurbishment following its acquisition by London based property investment company, DPK East Limited. Funding from RBS has enabled a £20M+ investment in this scheme on the Purley Way – the UK’s 2nd largest cluster of out of town retail and leisure property.
The Investor acquired the leisure park built on the site of the former Water Palace in 2015, with 60,000 sq ft of vacant space. Utilising the funding from RBS and with expertise from Asset Manager, SMART4, DPK East have implemented a strategic development programme to remodel the park and ultimately re-position The Colonnades as a dominant mixed-use retail and leisure scheme to capitalise on growing demand for customer convenience.
DPK have refurbished vacant space on the scheme to enable Oxygen Freejumping to open a 30,000 sq ft Trampoline Park featuring 100 trampolines, 14 unique zones, dodgeball courts and more. In summer 2017, Wickes, part of Travis Perkins, opened a brand new 24,000 sq ft DIY store.
The Colonnades comprises a 160,000 sq ft retail and leisure park, with other occupiers including Nuffield Health, McDonalds, Premier Inn, Pizza Hut and the first Costa Drive thru on Purley Way, which opened shortly after the park’s acquisition.
Ian Rusbridge, Director of Asset Manager & Retail Consultancy, SMART4 comments: “We have created significant growth at The Colonnades since the asset was acquired in 2015 and it is fantastic to see the scheme become so popular with visitors and new occupiers alike. We have experienced strong demand from retail and leisure operators and have exciting plans to further improve this scheme.
Thanks to the support from RBS as funder, the opening of both Wickes and Oxygen Freejumping have enabled The Colonnades to strengthen its market position and offer visitors an enjoyable experience.”
Sebastian Walley, Director, RBS Real Estate Finance, said: “RBS is proud to continue to support DPK East as it builds on its strong market position, and I look forward to seeing how the site’s redevelopment benefits Croydon residents.”
