In 2008, Garden Park Investments secured Van Hage, which had two garden centres in Hertfordshire, on a 25-year lease of 50,000 sq ft of retail space and an 80,000 sq ft external sales area. Van Hage hoped for turnover of up to £10m but has only reached half that.
The site also includes 89,000 sq ft of shops ranging in size from, 1,200 sq ft to 7,200 sq ft, let to retailers including Cotswold Outdoor, Romans, Pavers and The Works.
The scheme was designed by architect Lyons+Sleeman+Hoare and opened in 2010.
The garden park property sits within an 18.5 acre site providing the opportunity for further development.
Savills advised the seller through a competitive sales process and Carter Jonas advised Targetfollow on the transaction.
Tagetfellow has attracted new retail offers, developed activity and events programmes, utilised technology and increased footfall at previous developments
Cheif executive Corin Thoday said: "We are thrilled to announce our acquisition of Peterborough Garden Park and we look forward to working with current and new retailers to develop the site into a top UK retail, social and leisure destination.
"Our team are 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."