Westfield is in talks to move a raft of retailers at London’s famous Borough Market to a site opposite the Olympic Park.
The Australian developer is lining up disgruntled traders from the historic South Bank site, SE1, to create its first fresh food market in the UK at the £1.45bn Stratford City scheme. The market will be located on the internal mall running between the Waitrose store and the M&S foodhall at Stratford City, and will front onto the 2012 Olympics Stadium and Zaha Hadid’s aquatics centre.
Many of Borough’s 130 traders are unhappy with rent and service charge increases pushed through by the market’s owner – the Borough Market (Southwark) Trust – as the area undergoes redevelopment The market’s three leading wholesalers are in a continuing wrangle over lease renewals.
Traders are now understood to be considering either operating their current pitches in addition to the Westfield scheme, or moving their operations over to Stratford entirely. Westfield’s shopping centre will offer seven-day trading, rather than Borough’s three days a week.
Westfield will unveil plans for stalls offering fresh products, delis and “artisan cafés” at Stratford at next week’s BCSC conference in Manchester.
Westfield operates 36 fresh food markets in Australia. The developer declined to comment.
Westfield is in advanced talks to sell a stake of around £750m in the £1.45bn Stratford City to Henderson Global Investors. Henderson will create a fund open to a group of major clients. Westfield this week said that the centre, which will open next September, was 75% leased or committed. CBRE, DTZ and DCL advise Westfield.
paul.norman@estatesgazette.com
bridget.o’connell@estategazette.com
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