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WORK COMMENCES ON FARNBOROUGH TOWN CENTRE St Modwen Starts Construction Programme

St Modwen, the UK’s leading regeneration specialist, has commenced work on the regeneration of its major landholdings in Farnborough town centre. One of only a handful of retail development schemes due to come on stream in the period 2009-2010, St Modwen’s commitment is a reflection of its confidence in the long term future of the town.
 
Following demolition of dated parts of the town centre and the completion of essential infrastructure works over the summer, St Modwen has appointed Rok to commence work on the first phase of the town centre redevelopment. Upon completion the redevelopment project, to be known as The Meads, will provide in the region of 190,000 sq ft of new retail floor space, as well as a new Sainsbury’s store, Travelodge and entertainment facilities.    
 
Alongside the commercial aspects of the scheme, St Modwen will be creating 115 one, two and three bedroom apartments at Centrus at The Meads. A further 26 one and two bedroom apartments will be provided for affordable housing in partnership with Thames Valley Housing Association and, as part of an earlier phase, 30 apartments at Empress Court were also completed this summer, providing new affordable properties for Pavilion Housing Association, part of the First Wessex Housing Group.
 
Tim Seddon, Regional Director at St Modwen, commented: “We are confident that in the long term the market for good retail development remains. Farnborough has significant potential to improve its offer and benefit from its location in such an affluent part of Hampshire. 
 
“The successful regeneration of Farnborough town centre is a key priority for St Modwen, both from a business perspective and to deliver on a promise we made to the local community when we first acquired the existing Kingsmead Shopping Centre.”
 
 
Councillor Peter Moyle, Leader of Rushmoor Borough Council, said: “I am absolutely thrilled to see construction work beginning on the town centre; its great news for the economy of the town and local residents. We’ve watched the town centre being transformed by the demolition work taking place; now we can look forward to the new centre rising from the rubble. It’s reassuring that in spite of the current economic climate, St Modwen are still committed to Farnborough’s long term prosperity.”
 
Stuart Evans, South East Regional Leader for the Rok Contracts Team, said: “This is an important town centre redevelopment project that will deliver real improvements for the people of Farnborough.”
 
Mark Allnutt, Development Director at Thames Valley Housing Association, added: “This really is an excellent example of how, by working together in partnership, we can achieve real and lasting benefits for the community and its residents.”

ENDS
 
For more information: Please contact Kerri Vinall or Rowena Collins at Trimedia on 0207 025 7500

Notes to Editors:
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.