Plans have been revealed for a £300 million retail development of the Vinopolis complex by its new owners Meyer Bergman and Sherwood Street.
A fund advised by pan-European retail property investment manager Meyer Bergman has joined forces with developer Sherwood Street to acquire the site and draw up plans for a £300 retail scheme in the railway arches south of the Cannon Street bridge.
"This vibrant central London neighbourhood is undergoing rapid change and the retail offering is woefully inadequate given the needs of residents and the huge flow of tourists, commuters and office workers passing through every day," said George Walsh-Waring, a principal of Meyer Bergman.
"It is a signature investment for the fund and the proposed transformation will make a lasting and fitting contribution to the continued regeneration of this historic part of London when the scheme opens in 2018."
Tom Sherwood, founder of Sherwood Street, added: "You aren't going to get a better location in central London that is lacking a quality retail offering for shoppers than this.
"We have and will continue to work closely with Southwark Council, Network Rail, Borough Market and other stakeholders to draw up a scheme that is entirely in keeping with the cobbled streets and artisan feel of the area, which we anticipate will be hugely appealing to new brands, designers, restaurant or bar concepts and boutique retailers."
A planning application will be submitted shortly and – if approved – the scheme is due for completion in 2018.