As part of its long term vision for the town centre, Rushmoor Borough Council has acquired The Meads and Kingsmead shopping centre in Farnborough.
The move means that the council now has greater control to be able to deliver its vision for Farnborough town centre, creating an attractive destination where residents and visitors choose to go and spend time.
It also supports its wider regeneration plans for the civic quarter where outline planning consent is now in place for redevelopment that will include a new leisure and cultural hub, shops and commercial development, energy-efficient homes, and a new central park.
The 330,000 sq ft centre is home to brands including New Look, Starbucks and Wilko. The purchase includes an adjacent Sainsbury’s supermarket, car park and neighbouring shops, Travelodge hotel, Wetherspoon’s public house, gym and play centre, along with 70 homes, a Vue cinema, business centre and multi-storey car park.
Sean Brew, managing director of Lambert Smith Hampton Investment Management (LSHIM), which advised Rushmoor Borough Council on the deal, said: “This is a strategic deal which allows the council to play a proactive role in its town centre regeneration plans and delivers long-term secure income, which is vital to funding vital services and delivering a new leisure and cultural hub”.
The acquisition also covers two vacant blocks which were earmarked for redevelopment but not progressed by the previous owner. Over time, the council will bring forward proposals for these sites.
Karen Edwards, executive director at Rushmoor Borough Council, added: “Lambert Smith Hampton Investment Management’s expertise has proved invaluable to us acquiring the asset and mobilising the management of it. The team has rapidly become integral to the Rushmoor regeneration team, supporting us with our improvement strategy for the town centre."
Lambert Smith Hampton Investment Management is one of the largest investment advisers to local authorities in the UK.
Rushmoor Borough Council was advised by Lambert Smith Hampton Investment Management, while Eddisons has been appointed as managing agent on the scheme.
The move means that the council now has greater control to be able to deliver its vision for Farnborough town centre, creating an attractive destination where residents and visitors choose to go and spend time.
It also supports its wider regeneration plans for the civic quarter where outline planning consent is now in place for redevelopment that will include a new leisure and cultural hub, shops and commercial development, energy-efficient homes, and a new central park.
The 330,000 sq ft centre is home to brands including New Look, Starbucks and Wilko. The purchase includes an adjacent Sainsbury’s supermarket, car park and neighbouring shops, Travelodge hotel, Wetherspoon’s public house, gym and play centre, along with 70 homes, a Vue cinema, business centre and multi-storey car park.
Sean Brew, managing director of Lambert Smith Hampton Investment Management (LSHIM), which advised Rushmoor Borough Council on the deal, said: “This is a strategic deal which allows the council to play a proactive role in its town centre regeneration plans and delivers long-term secure income, which is vital to funding vital services and delivering a new leisure and cultural hub”.
The acquisition also covers two vacant blocks which were earmarked for redevelopment but not progressed by the previous owner. Over time, the council will bring forward proposals for these sites.
Karen Edwards, executive director at Rushmoor Borough Council, added: “Lambert Smith Hampton Investment Management’s expertise has proved invaluable to us acquiring the asset and mobilising the management of it. The team has rapidly become integral to the Rushmoor regeneration team, supporting us with our improvement strategy for the town centre."
Lambert Smith Hampton Investment Management is one of the largest investment advisers to local authorities in the UK.
Rushmoor Borough Council was advised by Lambert Smith Hampton Investment Management, while Eddisons has been appointed as managing agent on the scheme.
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