The acquisition of The Meads and Kingsmead shopping centres in Farnborough has been completed.
The purchase, by Rushmoor Borough Council, which was approved in February, means that the authority will have a much bigger say in its redevelopment.
The move will also support its wider regeneration plans for the civic quarter where outline planning consent is 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 purchase includes a Sainsbury’s supermarket, car park and neighbouring shops, a Travelodge hotel, Wetherspoons pub, a gym and play centre, along with 70 homes. The Kingsmead shopping centre contains 24 shop units, as well as the Vue cinema, business centre and multi-storey car park.
The council has appointed Eddisons to manage The Meads and Kingsmead. Income generated will go towards the regeneration plans, in particular the new leisure and cultural hub, detailed proposals for which are due to come forward later this year.
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 those sites.
Cllr Martin Tennant, deputy leader and cabinet member for major projects and property, said: “We know that our residents and businesses want our town centres to be better than they are now – and we agree wholeheartedly with them.
“We’ve made massive progress in Aldershot, where our Union Yard development is just one year from completion and will help to transform the town centre.
“The purchase of The Meads and Kingsmead is a fantastic opportunity for the council to take greater control of the town centre and help drive its future prosperity. We are in it for the long-haul, but we firmly believe it’s the start of a new era for Farnborough.”
The purchase does not include Princes Mead, which was bought last year by Sovereign Housing Association.
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