Miller/CTP - Retail Development - Fareham town centre

Date: 16 Apr 2003

Miller/CTP (Fareham) Ltd, a joint venture between Miller Developments and CTP Ltd, has commenced work on its 14,864 sq m (160,000 sq ft) retail and leisure development in Fareham town centre and agreed to forward sell to Allied Dunbar at a net yield of 7.89%.

The scheme is more than 75% pre-let with key tenants including Wilkinsons, TK Maxx, JJB Sports, Peacocks, SFI, Luminar and the Woolwich. Rents achieved show a Zone A in the region of £55 per sq ft. LA Fitness has also signed up to operate a 1,393 sq m (15,000 sq ft) health and fitness centre.

Work started on the Market Quay scheme following conclusion of the legal documentation with Fareham Borough Council. Executive leader, Councillor Sean Woodward, said:"This is the culmination of years of hard work to bring to the people of Fareham the much awaited Market Quay scheme. The council has faced up to many disappointments but we remained resolute in our desire to create a vibrant town centre which will be provided by the leisure elements, in particular the GSX cinema and The Litten Tree and Chicago Rock theme bars and restaurants, complemented by new retail additions to the town. Fareham can now look forward to an exciting future with a town centre offering a unique blend of retail and leisure experiences for all ages."

Adelle Peattie, associate director for Miller Developments, says: "We are delighted to have commenced work on Market Quay and to have fulfilled our promise to Fareham to deliver this important project."

The Market Quay development is expected to be open for trading by July 2004.

Letting and sale agents for Miller/CTP are Colliers CRE, with joint sale agents, King Sturge & Co. FPDSavills advised Allied Dunbar. Fareham Borough Council was advised by BPS Chartered Surveyors.

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