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Southside Shopping Centre, Wandsworth gets a £50m re vamp

wantspacegotspace.co.uk - Southside Shopping Centre, Wandsworth gets a £50m re vampAt Southside Shopping Centre in Wandsworth,  £50 million worth of investment is underway to develop the scheme. The centre, which was purchased by Metro Shopping Fund (the Land Securities and Delancey retail joint venture) in 2005, is one of the few centres continuing to expand in a stalled market.

Hayley Gisborne, Director, Lunson Mitchenall comments on this targeted investment drive at the 530,000 sq ft scheme.  

"Since 2005, Metro has worked closely with Wandsworth Council as the Town Centre is a designated regeneration zone in the London Plan. The area is currently benefiting from more than £1 billion of new investment; regeneration is showing no sign of slowing and Southside is a great example of this.
Southside fulfils a broad range of functions: shopping destination, leisure hub, community focal point. The centre is a convenient ‘catch all’ for the surrounding young professionals and families – 69% of the catchment fit into the ABC1 category. The centre sits within a few miles of some of the world’s premier retail locations and therefore needs to cater for the requirements of the catchment in terms of sophistication of the retail and leisure offer.

To meet this demand, Metro has implemented a comprehensive and targeted investment strategy to create the right environment and tenant mix by investing £50 million to further develop the outside of the scheme.  Work is already underway to create new retail and restaurant space fronting Garratt Lane.

As an internal facing scheme, one of the biggest obstacles to overcome is shifting the perceptions of those who would not usually use the centre. In 2013 Arndale Walk will be demolished to make way for the new 81,880 sq ft Debenhams store.   Alongside, a total of 100,000 sq ft of retail frontage is to be created on Garratt Lane and discussions are taking place with leisure operator for a 20,000 sq ft unit on the second floor.  This will dramatically enhance the appearance of the exterior of the centre and create a cleaner, brighter and more attractive focus for shopping in Wandsworth.

Over the last few years, the leisure market has continued to outperform other sectors in the industry. For this reason and as part of the recent initiatives at Southside, a core focus of redevelopment has been on creating an evening economy for Wandsworth by attracting leisure operators that appeal to the catchment. The upper concourse of the scheme, near the Cineworld cinema, has been reconfigured to provide accommodation for Prezzo and Ed’s Easy Diner.  Metro has also invested £9 million to create new restaurants on Garratt Lane to make space for Rossopomodoro and Wagamama, due to open in Spring 2013.

Regeneration is about ensuring the positive future of an area. As the London property market continues to outperform the rest of the country, it is anticipated that these latest works will strengthen Southside, and Wandsworth in turn, as a prime South West London retail property hot spot.

Posted by The Editor (wantspacegotspace) on 4th December 2012

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