Winckworth Sherwood’s market-leading Social Housing team has advised Sovereign Housing Association on the purchase of the Princes Mead Shopping Centre and two adjacent retail assets in Farnborough for £17.6 million.
The purchase will open the door to the residential-led, mixed-use regeneration in the heart of Farnborough town centre. The 7.77-acre site offers significant mixed-use, mixed tenure, residential development potential with a masterplan to deliver over 350 new homes in the town centre.
The purchase is part of Sovereign’s strategy to meet the growing demand for affordable housing and contribute to the regeneration of towns and high streets, delivering quality homes in well-connected communities. The acquisition also responds to Sovereign’s ambitious investment strategy, which seeks opportunities to re-position high street and town centre regeneration
Winckworth Sherwood advised Sovereign on complex acquisition of the Princes Mead Shopping Centre from Knight Frank Investment Management (KFIM) on behalf of Local Pensions Partnership Investments (LPPI), their continued involvement as overage partners, and on charity/governance matters.
The team was led by Social Housing Partner Charlie Proddow, with Real Estate Partners Alan Duncan advising on overage matters and Andrew Kinsey on leasehold due diligence.
Charlie Proddow said: “This is a significant purchase for Sovereign that represents a major part of the social housing provider’s strategy of leading the residential-led regeneration of town centres and high streets.
“Winckworth Sherwood has the expertise and depth to advise on large-scale and complex acquisitions and urban regeneration projects and looks forward to supporting Sovereign as its plans move forward.”
Tom Titherington, Chief Investment & 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.”