Hampshire shopping centre to be redeveloped as housing in £17m deal

Sovereign Housing Association has bought the Princes Mead Shopping Centre and two adjacent retail assets in Farnborough from Knight Frank Investment Management (KFIM), on behalf of Local Pensions Partnership Investments (LPPI).

The acquisition provides an opportunity for the 61,000-home housing association to bring forward a residential-led, mixed-use regeneration in the heart of Farnborough town centre, delivering more affordable housing across the south of England.

The 7.77 acre site is part of a plan to deliver more than 350 new homes in the town centre.

The planned development sits at the heart of wider regeneration plans for Farnborough town centre, being brought forward by Rushmoor Borough Council and the Rushmoor Development Partnership.

Their Civic Quarter masterplan incorporates a new leisure centre, civic hub and park, 1,000 new energy efficient homes, and new restaurant, food and beverage areas. The re-redevelopment of Princes Mead by Sovereign is able to be delivered before the first phase of these plans complete and give real impetus to the regeneration of the town.

Tom Titherington, chief investment an development officer at Sovereign Housing Association, said: ‘We are delighted to have acquired our second shopping centre, with a view to the longer-term regeneration potential of the site. As our high streets evolve, it becomes increasingly important for forward-thinking housing associations such as Sovereign to take a proactive role in regenerating our town centres, supporting our customers through the delivery of affordable homes and the successful re-imagination of our high streets.’