Portfolio Holdings - Retail Development - London SW18

Date: 04 Dec 2001

Waitrose, the food retailing arm of the John Lewis Partnership is poised to sign a deal with Wandsworth LP (a joint venture between Deutsche Bank AG and Porfolio Holdings) to secure 35,000 sq ft of prime space at Southside, the £70m retail and leisure regeneration scheme in Wandsworth.

The deal, which is currently in the hands of the solicitors, is expected to exchange by Christmas 2001. If everything goes according to plan, Waitrose will be open and trading by Autumn 2004.

With just over half a million square foot of mixed use space, comprising retail and leisure facilities including bars, restaurants, a 14 screen Cineworld multiplex cinema and a 42,500 sq ft health & fitness centre, Southside will become the new centre of Wandsworth, attracting people who want to shop, eat and be entertained, all in one place.

"Progress on Wandsworth is moving rapidly forwards with works having commenced on site. Retailers are now showing great enthusiasm about our proposals for redevelopment, which is best demonstrated by the Waitrose commitment", comments Paul Watts of Portfolio Holdings.

"Together with Wandsworth Borough Council we are spending nearly £100m on regenerating the centre to provide a new town centre for South West London. We are extremely pleased to have Waitrose on board" Watts explains.

"Waitrose has been looking at this catchment area for some time, and this is our opportunity to satisfy our wish for a new shop in this area" comments James Gilholey from Waitrose.

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