Fareham Borough Council acquires Fareham Shopping Centre to boost regeneration

By Stephen Emerson

6 October 2023

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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.

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.”

By Stephen Emerson

Stephen Emerson is the Managing Editor of The Business Magazine and is responsible for the publication's print publications and online properties including the newly launched Biz News websites in Hampshire and Dorset.

Stephen has been a journalist for 20 years and has worked at local, regional and national publications and led a team which made The Scotsman website one of the fastest growing news sites in the UK with over eight million monthly users.

He has a keen interest in technology, property and corporate finance and telling the stories of the people behind the successful firms in these sectors.