Basingstoke and Deane Borough Council has granted an 150-year lease to St Modwen to redevelop an 188,000 sq ft industrial scheme at Viables Business Park in Basingstoke.
A Cabinet meeting on December 17 granted the lease for site 3 at Viables Business Park in Jays Close to St Modwen to redevelop the 11-acre site.
St Modwen is working with the owner, American manufacturing company ITT Industries, as part of a joint-venture agreement to redevelop the site.
The existing buildings were built in the 1980s and redevelopment is “required to the site to attract other occupiers”, the council said.
Subject to a planning application, which has now been submitted, being approved, plans for the site include three large warehouses and two small retail pods following the demolition of the existing buildings.
As part of the deal, the council will own one of the new logistics warehouses and retain an overall ground lease for the site, “protecting the income the council receives from the site in rents and business rates”, the council added.
Cabinet member for regeneration and property John Izett said: “The council is committed to attracting new companies and securing significant new investment to create high quality jobs for our residents.
“I am pleased we have been able to secure a deal to redevelop this major site, following lengthy negotiations, to ensure it provides the modern premises that companies now expect.”