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It was the site all the smartest investors and developers in London were monitoring.
Vinopolis was an institution in the London wine world, a former wine warehouse-turned-restaurant and tasting venue, right next to foodie Mecca Borough Market. But it was closing up and selling its site for redevelopment.
Crosstree Real Estate, Thor Equities and TH Real Estate all ran the rule over the site that was quietly marketed by Vinopolis. None could make the numbers work, and in the end Meyer Bergman emerged as the buyer, and has received planning consent for a £300M, 198K SF scheme.
Leasing for the development, now renamed Borough Yards, was launched today, with the news that flexible office company The Office Group will lease the 69K SF office element and Everyman Cinemas will operate a 6K SF cinema.
Meyer Bergman will begin leasing the retail element, with 70% of the 116K SF going to fashion and other types of retail, and 30% to food and beverage. The scheme will comprise around 50 stores.
The retail-specialist fund manager is hoping to capitalise on the fact that Borough has seen a huge regeneration of every type of property — from the famous food market to the nearby Shard office building — except retail.
“We’re completely open-minded about the types of retail we bring in,” Meyer Bergman principal George Walsh-Waring said. “It could be high street names but equally we will be looking at best of British and independent retailers.”
“This part of Borough has been underserved in terms of a retail offering given the needs of the local community, the commuters who arrive at London Bridge and the number of visitors exploring the iconic sights in this part of London,” Meyer Bergman Chief Executive Markus Meijer said.
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