Debenhams is to open a new branch in the South London borough Wandsworth, marking the first department store to enter the area,
Debenhams has signed up as an anchor of the Southside Shopping Centre, which is set to undergo a £40m redevelopment.
The department store has agreed to take on an 81,880 sq ft unit over the centre’s Arndale Walk area, which is being demolished as part of the redevelopment. Debenhams will join the centre’s existing retail line-up which includes Topshop, Office, New Look and Next.
Debenhams’ acquisition manager Gareth Dougherty said: “We are delighted to be increasing our presence within London.”
“Opening in Southside Shopping Centre continues to build on our core strategy of delivering the right store in the right location,” he added.
The financing for the redevelopment comes from Metro Shopping Fund, a joint venture between Delancey and Land Securities, which acquired the site in 2005.
Retail asset manager of Delancey Helen McVie said: “The catchment and location of Southside make it an obvious choice for targeted investment.
“Our asset management drive has already seen the scheme transformed from the tired former Arndale we purchased back in 2005 to a much sought after regional trading location.”
In total, 100,000 sq ft of new retail space will be created and five further retail units will be built along Garratt Lane. Work will begin on the centre early next year and Debenhams is expected to open its doors some time before spring 2015.