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<a href="https://completelyretail.co.uk/shops-to-rent/fareham">Fareham</a> Borough Council has purchased the town's shopping centre and a number of adjoining properties for £14.25m from Madone.



The acquisition of Fareham Shopping Centre forms part of the council's wider regeneration programme, which includes £16.7m for Fareham Live and £2.5m to replace a multi-storey car park on Osborn Road.



Fareham Borough Council said the acquisition enables it to "provide stability and reassurance" to tenants, with the aim of working with them and other partners to develop a new strategy for a more vibrant town centre. 



Asset managers RivingtonHark has been appointed by the council to advise on strategic direction and improvements to the shopping centre, whilst day-to-day management will continue to be delivered by Munroe K.



Councillor Seán Woodward, executive leader of Fareham Borough Council, said: “Purchasing the shopping centre presents a unique strategic opportunity for the council to take control of key assets at the heart of the town centre at a time when we are developing a new strategy to transform the current offer and enhance its appeal.   The unprecedented levels of funding we are injecting into this area underline the significance we place on having a vibrant, economically successful town centre and send a clear signal to the market that Fareham town centre remains very much open for business.



“It is important to say that the acquisition will form part of a long-term regeneration strategy for Fareham town centre, and we will work with the businesses that trade there to understand their views around what is required to improve the vibrancy of our town centre."

Fareham Shopping Centre snapped up by council

08-12-2019portsmouthhampshireukshopperswalkingpastshopsatgunwharf

08/12/2019,Portsmouth,,Hampshire,,Uk,Shoppers,Walking,Past,Shops,At,Gunwharf

A £45m transformational development at <a href="https://completelyretail.co.uk/shops-to-rent/portsmouth">Portsmouth's</a> <a href="https://completelyretail.co.uk/scheme/Gunwharf-Quays-Portsmouth">Gunwharf Quays</a> is one of three major investments <a href="https://completelyretail.co.uk/portfolio/Landsec">Landsec</a> is set to announce at its Capital Markets Day.



Landsec said the Portsmouth development will enhance the look and feel of the centre to create a more memorable experience for shoppers, attract more guests, and deliver more value for brand partners.



The Gunwharf Quays investment is expected to increase turnover at the site by over a third during the next five years.



Landsec is also set to outline further developments at <a href="https://completelyretail.co.uk/portfolio/Landsec/scheme/St-Davids-Cardiff">St David's</a> in <a href="https://completelyretail.co.uk/shops-to-rent/cardiff">Cardiff</a> and <a href="https://completelyretail.co.uk/portfolio/Landsec/scheme/Trinity-Leeds">Trinity Leeds</a>.



The Cardiff development will see the removal of 160,000 sq ft of retail space left vacant by Debenhams, as well as the creation of a new city square and introduction of a further 30,000 sq ft of new food and beverage and leisure space.



In <a href="https://completelyretail.co.uk/shops-to-rent/leeds">Leeds</a>, Landsec will be investing in Trinity Kitchen, which looks to repurpose under-utilised retail space and create a 70,000 sq ft multifunctional hospitality destination.



Bruce Findlay, managing director of retail at Landsec, said: "We’re focusing our strategic investment on where we can drive growth and deliver attractive returns. Our prime, catchment-dominant retail destinations have recovered strongly since COVID and, through targeted investment, we’re ensuring they will remain in demand in the future for consumers and brands alike. We’re confident that best-in-class retail property can deliver high single digit to low double digit total returns in the current macro-economic environment."

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