Landsec and Invesco Real Estate secure Gravity lease at Southside Wandsworth
Landsec and Invesco Real Estate have signed Gravity Active Entertainment (Gravity) at Southside Shopping Centre, Wandsworth, for an 80,000 sq ft entertainment venue set to launch in the former Debenhams in summer 2021.
Gravity is a rapidly growing leisure and entertainment business, which started as a trampoline park company in 2015, and has since expanded into innovative entertainment concepts, helping to revitalise shopping centres and the high street across the UK.
The Southside site, which spans four floors, is the first in London for the brand, and will feature gaming experiences such as e-karting, augmented reality bowling, crazy golf, pool, ping-pong, and shuffleboards. It will also offer an array of dining and drinking options, including a noodle kitchen, American diner, and cocktail bar.
Located in the heart of south-west London, Southside combines best-in-class fashion and dining with extensive leisure, which will be complemented by Gravity’s unique entertainment venue. The Southside JV (a joint venture between Landsec and Invesco Real Estate) and Gravity are investing £4 million to redevelop the former Debenhams department store unit as part of a combined strategy to reimagine the destination and incorporate new and innovative concepts.
Commenting on the signing, David Heaford, Managing Director, Development, at Landsec, said: “Leisure is an increasingly important component of a complete destination, and Gravity is a significant addition that complements Southside’s existing offer. Southside is designed to offer everything the community needs, and this signing, at a challenging time for the industry, is a testament to the strength of our customer base and the centre’s appeal. Gravity’s exciting concept will inspire locals, and draw people from across London, so we are excited to see this prominent site come to life later this year.”
Ed Ginn, Director, Asset Management at Invesco Real Estate, adds: “As retail changes, so must shopping and leisure destinations. The signing of Gravity is a sign of things to come, as the real estate market looks to leisure innovators that can offer something unique for consumers as well as its underlying investors. We are delighted to have secured their London debut, given their popularity and success at other locations across the UK.”
Harvey Jenkinson, co-founder and CEO at Gravity, says: “This is a huge milestone for Gravity as we look to not just grow our business, but also the types of venues we are creating. We believe concepts like this will be the future of the high street and shopping centres, offering a solution for landlords who are looking to diversify and secure the future of their assets. This exciting entertainment hub will showcase Gravity’s ability to create venues that cater to a varied audience, which is so immersive they will feel like they could be in a completely different place in the world.”
Southside is home to some of the biggest names in fashion and retail with popular food and drink brands, and a strong line-up of leisure operators including Wagamama, H&M, Primark, Waitrose and Cineworld. Landsec also acts as Asset Manager for the Southside JV, with Invesco Real Estate.
In addition to signing Gravity, over the past six months the Southside JV has added Gymnasium, the strength and conditioning gym operator, to its roster of brands, agreed a lease renewal with Planet Organic, and signed a lease re-gear with Decathlon for an upsized store. Landlord works on the Decathlon store extension will commence in January with the opening this summer.
Time Retail Partners and Colliers acted for the Southside JV. Savills represented Gravity.