Sibec Developments have sold phase one of the Wellington Centre, Aldershot, to Universities Superannuation Scheme. The fund have also agreed to finance the second phase of the project at a combined value of about £50m.
Phase one, the refurbishment of the existing 150,000-sq ft shopping centre, comprises 28 shops and four kiosks. Mothercare, Boots, W H Smith, Safeways, Rumbelows, Richard Shops and Sharedrug are among the tenants, with one small unit available.
Rents are about £50 zone A on the lower mall and over £70 on the upper mall.
The first phase was completed last September, while the second phase should be trading by March 1990.
Phase one is held on a 125-year lease from Rushmoor Borough Council and phase two is freehold.
Work on the latter 100,000-sq ft phase is under way and will consist of two stores, 31 units, and a cafe.
Morgan Grenfell Laurie advised Sibec in the sale, while Jones Lang Wootton acted for the fund. The two agents are retained with Chesterton as letting agents for phase two.
