26 February 2010
Metro Shopping Fund, the Land Securities and Delancey London retail joint venture, is pursuing the next phase of Southside Shopping Centre's evolution with the announcement of a new 30,000sq ft TK Maxx anchor store, taken on a 15-year lease.
The two-storey, full format TK Maxx will open in summer 2010, anchoring the North Mall of Southside, opening directly onto Wandsworth High Street and sitting opposite the former Ram Brewery site. Metro Fund will now proceed with a reconfiguration and refurbishment of units to create the large format TK Maxx store and is speaking to a number of other retailers regarding opportunities in the remaining space in North Mall.
Anchoring the opposite end of North Mall will be fashion retailer New Look. Metro Fund has signed the popular fashion brand to a new 12,000sq ft fashion store taken on a 10-year lease. New Look will occupy a reconfigured unit linking North Mall to the Central Mall retailers, which includes Gap, H&M, UniQlo, Next and Waitrose.
On Central Mall, Metro Fund has added to a strong fashion line up with a new 4,500sq ft store for Republic, taken on a 10-year lease. Republic is opening on the Central Mall itself, opposite Primark and adjacent to River Island, where it will trade from summer 2010.
Commenting on these announcements, Steve Burgin, Retail Asset Management Director, on behalf of Metro Fund, said: "The introduction of two major new North Mall retailers is crucial to delivering the next phase of Southside's transformation and allows us to revitalise this important entrance to the scheme from Wandsworth High Street."
"We are committed to enhancing our Wandsworth town centre asset and creating retail space that attracts quality retailers to secure Southside's position as the main fashion and lifestyle destination in the area. Our leasing policy has continued to shift the centre's retail mix with a range of brands more consistent with Wandsworth's affluent ABC1 core catchment; UniQlo, River Island, Body Shop and more recently Gap and Tiger. The arrival of Republic on the Central Mall is further evidence of this strategy."
Metro Fund has been investing in phased refurbishment at Southside, to introduce double height units on Central Mall for retailers such as River Island and Gap, while a further phase of investment, fronting the important Garratt Lane entrance to the scheme, is under consideration.
Southside is anchored by Waitrose and a 14-screen Cineworld and the retail line up includes Gap, Primark, Next, H&M, River Island, Mothercare, Waterstone's, HMV, Oliver Bonas, the Body Shop and Boots as well as café and restaurant operators Nandos, Caffe Nero, Ekachai, Pizza Hut and Spur Steakhouse & Grill.
Notes to Editors:
Delancey
Delancey is an investment advisor with a reputation for consistently delivering significant returns across a wide spectrum of real estate and asset backed opportunities on behalf of its international investor base.
Metro Shopping Fund Limited
The Metro Shopping Fund was established in June 2004 as a 50/50 partnership between Delancey and Land Securities Group PLC. The Fund's total assets cover nearly 1 million sq ft (92,900 sq m) of space, across London, valued at approximately £0.5 billion.
