Work is set to start on a 10,470 sq m (112,702 sq ft) wine theme park on the south bank of the Thames following English Partnerships’ grant of £2.54m to the scheme.
The backers of the scheme, to be known as Vinopolis, declare that it will be dedicated to “the world of wine and its associated pleasures”. It is being developed by Wineworld London on a 0.91ha (2.25 acre) site on Clink Street, London SE1. EP’s grant means that Wineworld has raised £13m of the £17.8m needed to build the scheme.
A further £2.15m has already been raised from Scandinavian capital finance fund Smedvig Capital, with £2.1m coming from private investors and a further £4.5m raised as a bank loan and overdraft which Smedvig has agreed to secure. Wineworld has already raised seed capital of £1.7m.
The first phase of funding will be used to refurbish the railway arches which dominate the site, with the second and final phase of development due to begin in the summer. The main feature at the Vinopolis park will be an audio-visual tour of the world’s wine regions called ‘Wine Odyssey’. Retail facilities and four restaurants are also planned.
Wineworld finance director Roger Wood said; “This fund raising is for one of the largest privately funded new venture in London. We are immensely grateful to English Partnerships for the lease of life their injection has given to the project. We are confident that Vinopolis will complement and benefit from the established attractions in the area such as the Globe Theatre and Tower Bridge.”
EGi News 25/02/98
