Fareham 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.”