13 December 2018
Time Out Market - Major Waterloo Retail and Leisure Development

The world’s first food and cultural market based on editorial curation will bring the best of the city together under one roof – at LCR’s Waterloo.London scheme on the South Bank.  Time Out Market will be the centrepiece of a new, progressive retail, leisure and cultural destination in Waterloo, bringing the format behind its highly successful Lisbon food and cultural market to London’s South Bank.

Developer LCR has secured a 32,500 sq ft pre-let for Time Out Market to anchor its £200 million Waterloo.London development. This development project is transforming land and railway arches in Waterloo into an eclectic food, drink, shopping and cultural destination, and includes the redevelopment of the former Waterloo International Eurostar Terminal.

Time Out Market London – Waterloo will bring the best of the city together under one roof: its best food, drinks and cultural experiences, based on the editorial curation Time Out has always been known for. Visitors will get to enjoy 17 of the city’s most acclaimed chefs and restaurateurs, three bars and a space for cultural experiences – it will be a handpicked mix showcasing the outstanding talent making up the city, all in one unique space. With the opening expected in 2021, Time Out Market London – Waterloo will occupy two floors and accommodate around 500 seats.

Plans for the London scheme follow the success of the first Time Out Market which opened in 2014 in Lisbon and has since become the Portuguese capital’s most popular attraction with 3.6 million visitors in 2017. With seven new sites in the pipeline, the Group is in the process of a global roll out of this successful format: Time Out Markets are set to open in 2019 in Miami, New York, Boston, Chicago and Montreal; followed in 2021 by London – Waterloo and Prague.

Time Out Market London – Waterloo will be the centerpiece of LCR’s wider development, bringing 135,000 sq ft of local, independent and national retail and leisure occupiers to the South Bank.  The scheme sits adjacent to the first phase of LCR’s Waterloo masterplan, the regeneration of Leake Street Arches, where the developer has created a vibrant creative and leisure destination including bars and a music venue, soon to be complemented by a microbrewery. Featuring one of the UK’s only legal graffiti walls, it has breathed new life into the network of street tunnels underneath Waterloo station, while preserving its longstanding reputation as an important destination for street art.

Julio Bruno, CEO of Time Out Group plc, said: “London was the birthplace of Time Out in 1968 so it is a true milestone to bring Time Out Market to our city and in such a fantastic location. For 50 years we have helped people go out better in the greatest cities around the world and now we are bringing the best of the city to Time Out Market London.  As Time Out has transformed into a global media and entertainment business one thing hasn’t changed: our high-quality professional content about the best things to do in the city remains at the heart of everything we do. This allows us to successfully diversify our iconic brand across digital and physical channels with Time Out Market playing an important role in driving further growth.

Adrian Lee, development director at LCR, said: “Time Out has always had its finger on the pulse of London and we’re utterly thrilled to have them on board for Waterloo.London. Time Out Market will make a major contribution to our vision for a progressive mixed-use social, shopping and cultural space on the South Bank. Waterloo.London will offer a unique opportunity for international names, online retailers seeking a physical presence and new brands taking their first steps into retail, to base themselves in an environment that reflects the independent and creative spirit of Waterloo.  With almost 100 million passengers flowing through Waterloo per year, and 20 million tourists using the South Bank, we will build on the success of Leake Street Arches to encourage people to stay, explore and enjoy the many and varied offers throughout the local area, providing support for local businesses and the wider regeneration of the South Bank, while protecting and enhancing its unique urban feel.  For fifty years, Time Out editors have been writing about the best food, drink and cultural experiences to help people make the most of the city; today, a global team is curating the best things to do in 315 cities in 58 countries across websites, magazines, social media, live events and now also Time Out Market.

Didier Souillat, CEO of Time Out Market, added: “Time Out Market will be a fantastic addition to London’s South Bank – this is a much-loved neighbourhood with fantastic restaurants, bars, museums and theatres.  London is home to an outstanding and wonderfully diverse culinary and cultural scene of which Time Out Market will showcase the very best. It is all about the democratisation of fine dining: making it casual, and casual extraordinary. Time Out Market will be a place where locals and visitors can really get to know and experience the city.  In November 2016, Lambeth Council granted planning consent for the scheme, brought by LCR, in partnership with the Department for Transport and Network Rail. The project will bring the RIBA award-winning former Eurostar terminal, designed by Sir Nicholas Grimshaw, back into use after almost a decade, with the new retail space spread across three floors, including a new mezzanine level.  LCR is a skilled commercial developer and the UK Government’s placemaking expert, with a 20-year track record of creating exciting new destinations for people to live, work and experience. Its previous schemes include the multi-billion-pound mixed-use developments at King’s Cross and Stratford City – two of London’s most successful regeneration stories.

Union Street Partners and Cushman & Wakefield are acting as joint leasing agents for LCR.

Neil Davies of Union Street Partners, said: “Time Out Market will bring the city’s best food, drink and cultural experiences together under one roof. The market will be at the heart of the development and will hugely enrich the vibrancy of the Waterloo area and provide a focal point for visitors, local residents and workers.  Time Out Market is a true catalyst to the launch of the leasing campaign for this major piece of regeneration in the very centre of London.”

Thomas Rose, partner and head of leisure and restaurants at Cushman & Wakefield, added: “Securing Time Out Market at Waterloo is a phenomenal statement for the area and wider scheme. The mix of a vibrant local community, a burgeoning office population, tourists and, of course, the coolest tunnel in the UK all came together to make this a fantastic place for Time Out Market to house a flagship food and cultural market in London.”

The scheme forms part of the wider redevelopment of Waterloo station, where Network Rail is increasing capacity and enabling more services to run from the station.

More information on the development can be found at www.waterloo.london and on Time Out Market at www.timeoutmarket.com