Winckworth Sherwood advises Sovereign on £17.6m shopping centre acquisition ahead of Farnborough town centre regeneration

The Social Housing team at law firm Winckworth Sherwood has advised Sovereign Housing Association on the purchase of the Princes Mead Shopping Centre and two adjacent retail assets in Farnborough for £17.6m.

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 more than 350 new homes in the town centre.

Winckworth Sherwood advised Sovereign on its acquisition of the 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.

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.”