Spinnaker Tower to be run by Gunwharf Quays owner under 25-year deal
4. The tower’s new operator could introduce investment, dining and thrill experiences
Spinnaker Tower is to be operated by the owner of Gunwharf Quays under a new 25-year partnership with Portsmouth City Council.
Landsec, which owns and operates the waterfront shopping and leisure destination, will take over the running of the landmark attraction from 11 October from Continuum, which has operated the tower since its opening in 2005.
The agreement follows a procurement process launched by the council to find a long-term partner to operate, invest in and enhance the tower.
It was reported in April that VR headsets, fine dining and thrill experiences could be coming to the tower, as part of a new operator’s plans.
It was estimated then that the incoming operator could generate about £90m over 25 years based on current income, but this could rise to £110m or more with a focus on investment and expanded activities such as food, sponsorship and advertising.
The council will retain ownership of the building, while Landsec will become its operating partner, with further investment plans expected to be announced in due course.
Landsec has appointed Company of Cooks, part of the CH&CO group, to manage the tower’s day-to-day operations. The company operates a range of cultural, heritage and visitor attractions across the UK.
Council leader Cllr Steve Pitt said: “Spinnaker Tower is one of Portsmouth’s most recognisable landmarks and an important part of our visitor economy.
“This new partnership with Landsec builds on an already strong relationship through Gunwharf Quays and creates a solid platform for the tower’s future success.
“I’d like to thank the council officers, advisers and partners who have worked tirelessly over many months to complete this agreement ahead of the expiry of the current operating arrangements. Their hard work has ensured continuity for the attraction, security for employees and a smooth transition to the new partnership.
“We’re excited to begin this next chapter and look forward to working with Landsec and Company of Cooks in the years ahead.”
Yvonne Clay, centre director at Gunwharf Quays, said: “Spinnaker Tower is one of Portsmouth’s most recognisable landmarks and we’re delighted to be taking on its operation through this new partnership with Portsmouth City Council.
“The attraction plays a vital role in showcasing Portsmouth to visitors from across the UK and beyond, complementing the city’s wider leisure, retail and tourism offer.
“We look forward to working alongside Portsmouth City Council and Company of Cooks to deliver a smooth transition and continuing to provide the high-quality experiences that make Spinnaker Tower such a valued part of Portsmouth’s waterfront.”
The new arrangements will begin on 11 October, with a short temporary closure required to allow the operational handover to take place.