Surrey Heath Borough Council announced today,
Surrey Heath Borough Council is set to invest over £110m to drive the regeneration of Camberley Town Centre. This ground-breaking deal will create a clear path to deliver their ambitious vision for the town and ensure that the highest standards of service to customers are not only maintained but improved on, through further planned investment.
As one of the largest local authority-backed town centre investment initiatives this year, Surrey Heath is poised to purchase The Mall Shopping Centre and other assets owned by Capital & Regional in an off-market deal worth around £86 million, with other key town centre acquisitions in the pipeline. This deal follows previous significant development projects in Camberley, including the opening of the successful Atrium leisure and retail complex and the purchase by the Council of Ashwood House for redevelopment in 2015.
Cllr Moira Gibson, Leader of Surrey Heath Borough Council, said: “I have always believed that with the right investments and control of strategically important assets in Camberley, we can fulfil the Council’s ambitions for the town centre; one that the residents of the borough and surrounding area are proud of and that will attract new business to the town. The belief and commitment of fellow Councillors and Officers in pursuit of this vision has been relentless and our efforts have put the Council in pole position to succeed in the delivery of its number one priority.”
The Mall is a 390,000 sq ft covered shopping centre and is home to more than 150 national and independent retailers. Brands include Smiggle, O2, TopShop, Patisserie Valerie, Jones the Bootmaker and Monsoon, anchored by House of Fraser, Boots and Primark, all benefitting from an average weekly footfall of more than 170,000.
The Council is funding this project through local government finance including loans from the Public Works Loans Board.
Karen Whelan, Chief Executive of Surrey Heath Borough Council said: “The Council’s investment in its own town centre is testament to its ambitions to make Camberley an exciting destination and ‘kick- start’ our regeneration proposals. These investments will help secure long term financial stability for the Council as government funding for local authorities is reduced. Attracting high quality development and exciting new retailers and businesses starts with our own belief in our place. Making this financial commitment helps secure our plans for future development and improvements to the town.”
Commenting on the deal James Ryman, Investment Director at Capital & Regional said: “We have always enjoyed a positive working relationship with Surrey Heath and share their vision for the town centre. Recently it has become clear that the key to unlocking the true potential of the town lay with them and so we are pleased to see The Mall pass into the Council’s hands. We have a great fondness for Camberley and have been glad to contribute positively to the real progress made in the town centre. We wish everyone involved all the very best in the continued delivery of this exciting project.”
Surrey Heath CEO Karen Whelan added: ‘I would like to thank the Council’s property advisers, Montagu Evans, and legal advisers, Addleshaw Goddard, who have helped secure this momentous deal for the Council.’
Notes on attached image: L-R: Cllr Richard Brooks – Deputy Leader of the Council, Karen Whelan – Chief Executive of Surrey Heath Borough Council, Glen Fulton – General Manager of the Mall, Cllr Moira Gibson – Leader of the Council