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MILESTONE REACHED IN FARNBOROUGH’S REGENERATION AS SAINSBURY’S COMMENCES FIT OUT OF NEW STORE

St. Modwen, the UK’s leading regeneration specialist, is continuing to push forward with its construction of the first phase of Farnborough’s town centre regeneration as Sainsbury’s, who will be one of the scheme’s dominant attractions, has commenced its fitting out of its new 62,000 sq ft store in anticipation of an early-November opening.

The news is an important milestone in the regeneration of Farnborough town centre following the start of construction less than a year ago in November 2008. Overall, St. Modwen’s broader plans for Farnborough will see 190,000 sq ft of new retail units built alongside additional leisure and entertainment facilities, a new 77-bed Travelodge hotel, 142 residential apartments and a further 260 parking spaces.

In early 2009, St. Modwen reached an agreement with Sainsbury’s to expand its new store from 50,000 sq ft by a further 12,000 sq ft in order to capitalise on the strong retail trade in the town centre. In addition to the new supermarket, the scheme’s first phase also includes new retail, residential, entertainment and hotel facilities amounting to a total build cost of £20m.

The current, smaller Sainsbury’s in Farnborough’s Kingsmead shopping centre will continue to trade until the new store opens; Sainsbury’s will then vacate its current store, which is being actively marketed to new tenants.

James Stockdale, Development Manager at St. Modwen, said: “Farnborough is one of the few town centre regeneration schemes across the country that is currently under construction and is indicative of our positive commitment to the town’s regeneration. The commencement of fitting out works by Sainsbury’s is therefore also a significant milestone in the first phase of the scheme and demonstrates that our investment is producing tangible results.

“The town centre retail offer in Farnborough can be improved significantly and this development will provide the mix of amenities that you would expect from a modern centre. A major anchor tenant in the shape of Sainsbury’s will help draw other retail businesses and high street names into the town and ensure that Farnborough has the town centre it deserves.”

The next milestone for the scheme will be the handing over of the new hotel premises at Victoria Road to Travelodge later this autumn.

Notes to Editors:

St. Modwen is the UK’s leading regeneration specialist, operating across the full spectrum of the property industry through a network of seven regional offices and a Birmingham based head office. The company is wholly focussed upon regeneration with expertise in brownfield land renewal, partnering with industry, town centre regeneration, Innovation Centres and education projects. www.stmodwen.co.uk

The redevelopment of Farnborough town centre is being undertaken by Key Property Investments (KPI), a 50:50 joint venture between St. Modwen Properties PLC and Salhia Real Estate Company.