MAJOR NEW OFFICE DEVELOPMENT TO SPEED UP BASING VIEW REGENERATION

An experienced commercial developer is working with Basingstoke and Deane Borough Council to build new top class office space to meet the demand from employers looking to locate on Basing View.

The Borough Council’s Cabinet agreed at a meeting last night (Tuesday 15 March) to sell a 999 year peppercorn lease on a site the Council owns in Basingstoke’s Town Centre Business Zone to property developer Abstract Securities Limited.

The developer will build a new BREEAM excellent five storey 60,000 square foot office on the site, offering a high quality opportunity for a major new employer to move into or for smaller businesses wanting to grow in Basingstoke.

Abstract has a track record in delivering commercial office development and has recently successfully completed similar projects in a number of other locations in the UK.

The site has been cleared for development by the Council, which has also made a bid for support to the Enterprise M3 Local Enterprise Partnership for further work to enable construction to start as quickly as possible, subject to planning permission.

The offices would be built in the recently designated Enterprise Zone, making it even more attractive to new occupiers who would qualify for business rate reduction incentives.

The new scheme complements the work of the Council’s Basing View development partner Muse, which brought the new combined Waitrose and John Lewis store to the area. This partnership has focused on marketing the Business Zone to companies who want to design their own bespoke buildings for the developer to construct.

However, companies are increasingly wanting new developed office space rather than committing in advance to their own building that may take time to design and construct. There is a demand along the M3 for top quality office space which is available immediately that Basing View needs to meet.

Cabinet Member for Finance and Resources Cllr John Izett said: “Major regeneration of our principal business district, Basing View, is essential to ensure that Basingstoke companies can continue to grow and we can attract new employers, providing high quality job opportunities for our residents.

“By using our own land and working with an experienced speculative office developer with an outstanding track record, we have a unique opportunity to make new grade ‘A’ offices on Basing View viable.  It would be a catalyst to encourage other investors to develop there. This would help accelerate the pace of the regeneration of Basing View, as well as bringing 600 new jobs and boosting the local construction workforce.”

Mark Glatman, Chief Executive of Abstract said: “We are really excited by the prospect of building our next speculative office scheme in the South East in Basingstoke. We see huge unsatisfied potential in the local market and recognise many similar characteristics to those which underpinned our successes in Croydon and Gatwick. We hope to achieve an early start on site with a view to delivering a new building ready for occupation in late 2017.” 

Abstract contact – Mark Glatman 020 7747 8272