Aviva Capital Partners has formed a joint venture with Southampton City Council and the University of Southampton to acquire and redevelop the former Toys ‘R’ Us site in the city for a mixed-use neighbourhood centred on innovation, enterprise and education.
The partners have established WBS Growth Partnership LLP and acquired the 4.6-acre site next to Southampton Central railway station, near the city centre. The plot has been vacant since 2018 and sits within the wider West Bay regeneration area.
The partnership said the redevelopment will focus on a new neighbourhood combining innovation, enterprise and education uses with offices and residential. The site is identified within the West Bay Innovation District plans, which Southampton City Council has linked to the delivery of the Southampton Renaissance Vision and priorities set out in its Growth and Prosperity Plan.
A Southampton Renaissance prospectus first issued in February 2025 identifies West Bay among the city’s focus areas for investment and describes it as a modern urban district intended to support innovation and enterprise, with the area positioned as a gateway for cruise passengers and those arriving via Southampton Central Station.
WBS Growth Partnership LLP said it will drive the redevelopment of the former retail site and is considering temporary uses while plans progress. It said demolition could be considered in 2026.
“This project will create a vibrant neighbourhood right in the centre of Southampton, supporting local jobs, local businesses and driving the city’s growth,” said David Epstein, managing director of Aviva Capital Partners. “The partnership with Southampton City Council and the University of Southampton is another example of Aviva investing in the UK, helping the country get ready for the future.”
“For far too long, the former Toys ‘R’ Us site has stood vacant at one of the key gateways to our city. We are determined to transform this prominent location into a place that delivers real benefits for our residents - creating new jobs, new homes and new opportunities for the people of Southampton. This new partnership marks an exciting first step in unlocking that potential and bringing this site back to life,” said Southampton City Council leader Councillor Alex Winning.
“This is a crucial site in Southampton with significant potential to drive future employment, growth and innovation within our city,” said University of Southampton Vice-Chancellor Professor Mark E. Smith. “Along with our partners we will develop a fresh masterplan for the site, focused on creating new public spaces and an innovation zone that will shape our region for the future.”
The partnership has appointed Stories as development manager for the project. The partners said Stories will support work to translate the city’s Renaissance Vision into an investable delivery plan grounded in local priorities.
In a July 2025 update on its “adapt | grow | thrive” Transformation Programme, Southampton City Council said the programme would be addressing financial pressures, including a structural budget deficit, with activity organised across seven portfolios, including Growth & Prosperity.
