DWF's real estate team has advised Local Pensions Partnership Investments (LPPI) and their investment managers, Knight Frank Investment Manager, on the sale of Princes Mead Shopping Centre in Farnborough, to Sovereign Housing Association, in a deal which will help deliver regeneration plans in Farnborough town centre.
The 7.77 acre site offers significant development potential with a masterplan to deliver 362 new homes. The site sits at the heart of wider regeneration plans for Farnborough town centre brought forward by Rushmoor Borough Council and the Hill-Rushmoor Development Partnership, which include a new leisure centre, a new restaurant, food and beverage areas, and 1,000 new energy efficient homes.
DWF's real estate team has managed the shopping centre since LPPI purchased it in 2011, during which time they advised on the substantial redevelopment of part of the centre to construct two new retail warehouses and subsequent letting.
The deal was led by Miles Sinclair, a Senior Associate in the real estate team, and included colleagues from the real estate litigation, tax and employment teams.
Miles commented, "It has been a privilege to support LPPI on this transaction. I have been dealing with matters at Princes Mead Shopping Centre throughout my whole career, and I was delighted that we were able to successfully complete the sale of the shopping centre in what is a very challenging market."
The deal will help deliver wider town centre regeneration plans as well as meeting local housing demand.