The redevelopment is being led by a joint venture between Longstock Capital and Mactaggart Family & Partners.

The six-storey Mountbatten House comprises 150,000 sq ft, and includes several unique features, most notably a series of cascading roof terraces.

The £33m, three-year facility will support the conversion of the building into a sustainable and cutting-edge workspace with a wellness offering, which will be named Plant in tribute to the terraces and wider sustainability features.

The new commercial office scheme will offer extensive amenities, including communal gardens and roof terraces on every floor, as well as a café, fitness studio, auditorium, cycle storage and repair station and on-site parking with EV charging points.

The new development will have a high focus on sustainability, and is designed to achieve an EPC A rating, and BREEAM Outstanding, WELL Platinum and Wired Score Platinum certifications.

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Rahul Malde, senior manager at Puma Property Finance, said: “We are delighted to support this commercial office development with a strong focus on sustainability, and to be working alongside experienced counterparties in Longstock Capital and Mactaggart Family & Partners to bring this truly exciting project to life. 

“Our appetite for the office sector remains predicated on delivering best-in-class ESG workspaces into local markets with robust occupier dynamics. 

“We’re continuing to see a real flight to quality in the office market and we’re only going to see more demand for developments that can deliver high sustainability credentials.”

Hugo Denee, partner at Longstock Capital, commented: “We are pleased to have achieved these milestones in our business plan and look forward to delivering the refurbishment of this iconic building together with the team at Mactaggart Family & Partners. 

“Agreeing a virtual freehold with Basingstoke Council and signing the debt facility with Puma paves the way for construction to start. 

“While completion is earmarked for Q1 2024, the combination of the strong environmental credentials with best-in-class design has already sparked robust interest from significant occupiers ahead of the launch of formal marketing this autumn.”