Strong demand and limited supply is driving plans for the development of new Grade A office space in Basingstoke.
Last year, office lettings in the town totalled 260,000 sq ft with almost 50% of these on Basing View, the town’s 65-acre central business district. Significant deals included the 45,000 sq ft pre-let to Eli Lilly and Company and the letting of Abstract’s 60,000 sq ft Florence Building to Sovereign Housing Association.
Other significant out-of-town lettings last year included 49,000 sq ft to Vyaire at Chineham Gate and 32,700 sq ft let to Vision RT at Viables.
Local agents BDT estimated that available office space in Basingstoke totalled 587,000 sq ft at the end of 2018, but according to Thames Valley agents RARE, only 52,000 sq ft of this is existing Grade A space.
Kate Dean, project director (Basing View and commercial) at Basingstoke and Deane Borough Council, said: “With a shortage of Grade A office space looming, Basing View is well placed to meet demand. Leading international architecture and design firm BDP has just been appointed for the redevelopment of the gateway Norden House site and the council’s joint venture development partner Muse has started pre-let marketing for Benchmark, a 40,000 sq ft office immediately to the north of the new Lilly building.”
Elsewhere in the town, Frasers are on site with the refurbishment of Maplewood at Chineham which will provide 93,000 sq ft and completes in June this year.
There are also plans for refurbishment of existing Basing View office buildings, creating more high-quality office space. Arena Business Centres, which already has a centre at The Square, Basing View, recently purchased Quantum House. It is planning major investment in the 38,000 sq ft office building, including the construction of a new reception and business lounge.
Kate Dean added: “2019 is set to be an exciting year at Basing View. Construction of the new Village Hotel has started and enabling work on the site of the new Eli Lilly and Company headquarters is also underway. Add to this, the new development options which are in the pipeline and it is clear that Basingstoke has a lot to offer in office space, location and amenities for companies considering relocating here.”