office development

Council forward funds new office development

Basingstoke and Deane Borough Council has forward funded a new office development in Basing View for international occupier Eli Lilly and Company.

The development has been supported by the Invest to Grow Fund, an initiative which aims to stimulate commercial property and infrastructure projects in the Basingstoke area.

The building will provide 46,000 sq ft of new office space, making it the second largest asset in the council’s investment portfolio.

The project will be developed by Muse with work scheduled to begin in Q3 2018, subject to planning permission.

It will be jointly funded by the council, the Enterprise M3 local enterprise partnership and the Invest to Grow Fund, which will provide £23m of funding.

Cllr John Izett, cabinet member for property and development at Basingstoke and Deane Borough Council, said: “The investment aligns to the council’s aims and it was the right for the council to step forward and use its financial resources to fund projects that keep jobs in our borough.

“We rely on rents from our property portfolio and returns on our investments to help keep the council tax low.

“The fund will earn a much better rate of return than the council’s current cash investments, helping to maintain services, despite reducing government support.

“Together with the Florence building currently under construction, this pre-let new modern headquarters will help to strengthen Basingstoke's position as a key destination for businesses in the South East.”

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