SAINSBURY TO ANCHOR FARNBOROUGH TOWN CENTRE REDEVELOPMENT SCHEME

Sainsbury’s Supermarkets has exchanged agreements with Key Property Investments Ltd, the joint venture between St Modwen Properties PLC and Salhia Real Estate Co. of Kuwait, for the anchor food store in the £75 million redevelopment of Farnborough Town Centre.

Work on the new food store and other elements of the redevelopment is expected to be started in the summer, subject to a successful outcome of the road closure public inquiry held in late January.

Anthony Glossop, Chairman of St Modwen, said: “The road closure is the last major hurdle before we commence development. Sainsbury’s signature ensures we can be on site immedately following the decision. The town’s residents and the council had to wait too long for the scheme to begin. It has been a frustrating time for all those involved in the project, which has always enjoyed strong local support, but has been held up by a series of legal challenges.”

Coun. Peter Moyle, leader of Rushmoor Borough Council, said: “It is excellent news. We are really looking forward to the successful regeneration of the town centre which has been long awaited by local residents and ,furthermore, this reflects the commercial confidence in the scheme.”

Chris Templeman, head of Sainsbury’s Supermarkets property development, said: “This development provides us with an ideal opportunity to replace our existing town centre supermarket and provide the community with a top quality food store. Developments like these signal another step forward in our drive to acquire new space and we welcome the opportunity to invest in the future of Farnborough.”

The new food store will be a significant element in the scheme which is to include a 77-bed Travelodge hotel, more than 100 apartments and 200,000 sq ft of new leisure and retail accommodation.

For further information contact Simon Rutter of St Modwen on 020 7499 5666. Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).