Key Property Investments Ltd, St Modwen Properties PLC’s joint venture with Salhia Real Estate Co., has submitted a planning application for a major 29,728 sq m (320,000 sq ft ) development for the north end of Farnborough Town Centre including a 3,716 (40,000 sq ft net internal) replacement Sainsbury’s food store.
The £40 million redevelopment of the 60s shopping centre, which will be anchored by the Sainsbury’s store, will bring to the Hampshire town substantial additional retail development capable of accommodating modern retailing, leisure and office space with up to 96 residential units.
The massive regeneration project – the first substantial new retail development in Farnborough for more than a decade – will put the town firmly back on the retail map. Planning consent has already been granted for The Mead, a two-storey retail development in the centre of Queensmead comprising 2,415 sq m (26,000 sq ft), which will be started in the autumn, plus Queensgate, the redevelopment of the former Post Office site to the south of the town centre into four retail units with 24 one-bedroom flats above.
Key Property Investments, which has worked closely with the local authority in developing the masterplan, is undertaking a significant programme of relocating existing tenants in order to make an early start on site, hopefully in Spring 2002, once planning consent is given.
Simon Rutter of St Modwen said: “The new development will replace existing small shops will re-focus the north end of the town cenre and create a new retail axis between the Princes Mead and Kingsmead Shopping Centres. The scheme is very much in line with the Government policy of mixed-use development in town centres. The retail offer is being supplemented by leisure uses, office space and residential units.
“We have very good interest from retailers not already represented in the town. The regeneration of the town centre will be completed by the development of a nine-screen multiplex cinema complex, on which we are expecting planning consent in early July.”