Picture: Mike Faherty
Fareham Borough Council has bought Fareham Shopping Centre as part of its regeneration strategy for the town.
The £14.25m acquisition forms part of the Council’s broader programme, which includes £16.7m for Fareham Live and £2.5m to replace Osborn Road multi storey car park with a modern surface car park.
The council has acquired the shopping centre from Madone Ltd along with several adjoining properties.
The council say ownership will enable stability and reassurance to its tenants as it works with them on the regeneration strategy.
READ MORE: 'Investment at Solent Airport set to be a gamechanger' - Fareham Borough Council
Specialist shopping centre advisors, RivingtonHark, have been appointed by the Council to advise on strategic direction and improvements to the shopping centre that will benefit both shoppers and businesses.
The day-to-day management will continue to be delivered by Munroe K which will retain its presence in Fareham Shopping Centre.
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.
“There will be a full programme of public engagement and consultation, using a wide variety of methods, over the next six months to ensure that the long-term plans for the town centre are driven by the needs and aspirations of Fareham’s residents, businesses, shoppers and visitors alike.
“A key early priority will be to look at how the town’s evening economy can be enhanced by improving routes between the successful restaurants and bars in West Street and the Fareham Live venue in the evenings, for when it opens in 2024.”
READ MORE: Meachers to continue military student support course
Bath-based Future plc, the publisher of specialist online and print magazines, said trading in its…
The university of Bristol was one of six organisations to receive a contract from the…
Oxford BioDynamics Plc is teaming up with researchers at King's College London in a bid…
More than a quarter of a million extra construction workers are needed in the UK…
Kent-based housebuilder Vistry revealed it was on track to deliver more than 10% growth in…
A Dorset-based company, which has developed ground-breaking technology to recycle plastic waste and turn it…