We have been notified of the following press release which is good news about the town centre. However, I will believe it when I see the bulldozers and builders laying bricks on the site.
PRESS RELEASE
Key milestone reached in Farnborough town centre deal
A financial deal has been agreed between Rushmoor Borough Council and Key Property Investments Ltd (KPI - the joint venture between St. Modwen Properties PLC and Salhia Real Estate Company of Kuwait) that will pave the way for the long-awaited redevelopment of Farnborough town centre.
At a special meeting of the Council’s Cabinet on Monday (20), members were pleased to approve formally the deal, which has also been signed off by the independent District Valuer.
Approval of the deal removes another major obstacle from the £75 million redevelopment scheme and means that once both sides have completed the necessary legal agreements, work will be able to start on site.
Rushmoor Council’s leader, Councillor Peter Moyle, said: “I am very pleased we have been able to reach this important stage in the project and got the support of the District Valuer for it.
“I share residents’ frustrations over the delays in the redevelopment of the town centre because I want to see it built as much as they do. We will be doing everything in our power to support and enable the scheme to now go ahead and we will be pressing KPI for an early start date and to deliver the scheme in the shortest possible timescale.”
Chairman of St Modwen, Anthony Glossop said: “It has been a very long road to get to this point. However, it was vital that we not only delivered a scheme that was right for the future of Farnborough, but also struck a financial deal with the Council that gave the community the appropriate reward for the Council’s landholdings whilst giving us an adequate incentive to undertake the scheme. This was not an easy compromise to reach, but I am delighted that, with goodwill on both sides, it has been achieved. I look forward to starting on site as soon as possible in the New Year.
“The scheme is a complex one and needs to be carried out in phases so that access is maintained for the public, services and service vehicles at all times and certain local occupiers, such as the residents of Firgrove Court and a firm of solicitors, can be relocated within the scheme with full continuity of their lives and livelihoods. We are in the process of working up explanatory material to inform the public and particularly all occupiers affected by the proposals of the sequence of works and how and when they will impact on them. Our plan is to complete all the main phases by Summer 2009 but we are constantly looking at ways to shorten the construction programme.”
Ends
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