Tag: OT

Ocean Terminal and Royal Yacht Britannia agree new 25 year lease

Five star attraction commits to long-term future as part of reconfigured destination on Leith’s waterfront 

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OT (Ocean Terminal) and The Royal Yacht Britannia have agreed a new 25 year lease which will cement OT’s position as the leading tourist destination on Leith’s waterfront. 

The five-star attraction voted Tripadvisor’s No.1 UK Attraction 2023 – 2024 has committed to a long-term future with OT as part of the redevelopment project and multi-million pound redevelopment of the site. 

Chris Richardson, Managing Director of Ambassador Investment Management, the Scottish owners of Ocean Terminal, said: “This is a significant development for the reconfiguration of the site, and we are absolutely thrilled that The Royal Yacht Britannia, one of the UK’s most popular visitor attractions, has agreed a 25 year lease with OT. 

“I am in no doubt this will be a formidable partnership, cementing our position as a leading tourist destination on Leith’s waterfront, furthering our ambitions for the wider regeneration of Leith, and the local community around the site.”

A spokesperson for The Royal Yacht Britannia added: “We are delighted to have secured the long-term future for The Royal Yacht Britannia in Leith as part of the exciting redevelopment of Ocean Terminal, and we look forward to moving into our state-of-the-art visitor centre and fantastic new gift shop in early 2025.”

Britannia is one of the most famous ships in the world, travelling more than a million nautical miles, serving the Royal Family for over 44 years.

Today, she is a five-star visitor attraction and exclusive evening events venue. 

Greggs to relocate in Ocean Terminal

The owners of Ocean Terminal (OT) have confirmed that Greggs will be a long-term fixture in the redevelopment. The food on the go retailer will be relocated within the ground floor, remaining in a prime spot close to the main entrance.

The new store will open later in the year, with the existing shop continuing to trade until then.

Concerns were raised earlier this year that the chain would close, as plans for the regeneration of the site included proposals for new toilet facilities on the existing Greggs unit. However, a relocation agreement has been reached with the food outlet remaining a permanent fixture of the waterfront development.

Chris Richardson, Managing Director of Ambassador Investment Management, the Scottish owners of Ocean Terminal, said: “Greggs has over time become a national institution and one which is much-loved by our existing customers so we are delighted to have reached an agreement to relocate the store to a new prime spot within the redevelopment.

“The repurposing journey of OT is part of a larger regeneration project to develop Leith waterfront, delivering a more sustainable development for the local and wider community, and we are committed to delivery of that long term goal.

“Securing the future of Greggs at OT is part of that commitment and we look forward to opening the newly fitted store later this year, until then customers can continue to visit the existing store within OT.”

The new store will be 1,500 sq ft, double the size of the existing unit, with a new seating area as part of the modern fit-out.

Tony Rowson, Greggs Property Director, said: ““Our mission is simple – we want Greggs to be accessible, wherever, whenever, and however our customers need us. And by ensuring our shops are the best they can be, our customers have a brilliant experience when they visit us.

“We are pleased to be relocating our existing shop in Ocean Terminal into a new unit, where the shop design will allow us to maximise space and increase our capabilities in food preparation – enabling us to realise the potential of both our delivery and Click + Collect digital channels, whilst also offering the best experience for walk-in customers.”

This is just one of many positive developments recently announced as part of the multi-million pound redevelopment of the site, including a new Tesco Express, and the relocation and upgrade of the 24/7 PureGym to a brand new unit last month.

Last year Ocean Terminal revealed it had agreed a long-term lease with Level X, the gaming and immersive entertainment provider, which will see a new purpose-built, 30,000 sq ft, state-of-the-art leisure venue open at the centre adjacent to a brand new Club 3000 Bingo venue which promises to be one of the best clubs ever developed in the UK, enhancing the leisure offering at the new look centre.