East Hampshire District Council has added Petersfield’s prime shopping destination Rams Walk to its property portfolio.
The council has acquired the town centre asset for £29.4 million, with the deal rising to £30.9 if certain ongoing targets are met.
Built in 1993, Rams Walk contains 21 businesses, including a very successful Waitrose store which accounts for around 50 per cent of the value of the scheme.
East Hampshire District Council already owns the freehold on the land as well as the adjacent Central Car Park which will cumulatively provide complete control of a key element of the town centre.
It has been in third party ownership since it was opened and this has been the first opportunity the council has had to purchase the property.
The purchase increases the council’s property portfolio to more than £142 million.
Richard Millard, EHDC Leader, said: “Rams Walk is arguably the prime commercial real estate in our area and is vital to both the local community and its economy and is a phenomenally important acquisition.
“This will allow us to protect, safeguard and ultimately boost the economic viability of Petersfield for all East Hampshire residents to enjoy.”
East Hampshire District Council has developed its property portfolio to generate income lost to the gradual reduction in government income over the last ten years.