Malls purchase completed

Basingstoke and Deane Borough Council has now completed the purchase of The Malls shopping centre from co-owner Key Property Investments (KPI), a joint venture between St. Modwen Properties plc and Salhia Real Estate Company. The council is now the sole owner of this part of the town’s shopping centre after buying KPI’s 65% share yesterday (Tuesday 13 April).

The sale comes shortly after the council agreed funding for its £6.25 million make-over plans for The Malls which will help transform the shopping centre that was originally built in the 1970s.

Chief Executive Tony Curtis said: “This is an important day for the town centre and the local community. This buy-out enables the council and, in turn, the residents of Basingstoke and Deane the opportunity to take control of the centre and its destiny. It will allow us to work towards improving the overall image of the area and achieving our long term vision for the borough, while progressing our improvement plans for The Malls.

"Pulling off this excellent deal was a great effort by the officer team with full cross party support from the elected members."

Work will start on The Malls improvement plans this summer, including removing the 1960s concrete overhangs and installing a clear roof canopy that protects the centre from bad weather but doesn’t enclose it, allowing natural light and air to circulate.

The biggest transformation though will be outside along Alencon Link where a new landmark gateway entrance to The Malls will be created to give a better first impression of the town when people arrive from the railway station.