Queensmead and Kingsmead (Farnborough, UK)

Acquired by KPI in 1997, this property has 31,000 m2 of retail, office and residential accommodation, and parking spaces for 750 cars.

In 2006, conditional planning consent was obtained by KPI for partial redevelopment to create a major new mixed-use scheme on the site. This will include 11,600 m2 of new retail units, a 4,600 m2 Sainsbury’s supermarket, a 77-room Travelodge, and 159 residential apartments. Construction is underway and the first units will be ready by the end of 2008. In addition, a 2,700 m2 eight-screen cinema is due to open in 2009 and another 2,300 m2 will house an array of restaurants, leisure facilities and offices.

Key Property Investments (KPI) is the UK-based joint venture company owned equally by Salhia and St Modwen Properties PLC.