St Modwen Industrial & Logistics has entered into a development agreement to create an 11.3-acre business park with Basingstoke and Deane Borough Council and leaseholder ITT Inc.
The Basingstoke site, owned freehold by the Council and held by lessee and global multi-industrial manufacturers ITT Inc, is located within the wider Viables Business Park and will be known as St Modwen Park Basingstoke following the grant of planning consent from the local authority in January 2020.
As part of the agreement, St Modwen will create new employment space in response to strong occupier demand and has permission to deliver up to 200,000 sq ft of industrial and logistics space.
With full planning consent in place, construction of three high-quality speculative units of 36,987, 51,572 and 97,781 sq ft will commence in September 2020. As per the agreed timetable for the development, units at the site will be available as early as Q3 2021, creating up to 250 new jobs once occupied.
Strategically located between Junction 6 and 7 of the M3 and within two miles of Basingstoke town centre, the development is well placed to capitalise on the town’s existing diverse economy, providing fast access to London and Southampton.
David McGougan, senior development manager at St Modwen Industrial & Logistics, said: “St Modwen Park Basingstoke forms part of our strategy to grow a high-quality industrial and logistics portfolio. After obtaining planning permission at the start of this year, our breakthrough development agreement reaffirms our intention to press on with these plans and deliver an industry-leading employment scheme for Basingstoke. The terms we’ve agreed will enable us to fulfil the local authority’s aspiration to deliver regeneration and drive employment.”
Ravi Patel, director of European shared services at ITT Inc, added: “We’re completely aligned with St Modwen’s ambition to transform this site – their regeneration and industrial and logistics credentials speak for themselves. Now that terms are settled and the agreement is signed, we look forward to delivering an employment space that is fit for market demand together.”
Basingstoke and Deane Borough Council’s Cabinet member for regeneration and property Cllr John Izett added: “We are delighted to have reached an agreement with St. Modwen which will enable the company to redevelop this site near the M3 for a new logistics park, creating 250 high quality local jobs once complete.
“This investment and the new jobs it will bring is especially welcome at a time when the priority is on recovering from the effects of COVID-19. It demonstrates Basingstoke remains open for business.”
Marketing agents for the site are London Clancy, Hollis Hockley and Savills.
For more information, visit: stmodwenlogistics.co.uk/property/st-modwen-park-basingstoke