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Basing View, Basingstoke RG21

REVERSIONARY OFFICE REFURBISHMENT OR RESIDENTIAL REDEVELOPMENT OPPORTUNITY
For sale
  • Reversionary Office Refurbishment or Residential Redevelopment Opportunity.
  • Basingstoke is an established and affluent South East office location, with excellent connectivity to the M3 and within 42-minutes of central London by train.
  • Located in the heart of the Basing View business quarter, (currently undergoing a £200m Council-driven regeneration).
    • Situated 0.5 miles (10 minute walk) from Basingstoke Railway Station.
    • Directly opposite the Village Hotel which includes a gym, pub, restaurant and café with both indoor and outdoor seating.
    • Festival Place (a 1.1m sq ft shopping centre) is 12 minutes’ walk with occupiers including M&S, Apple, H&M, Côte, Pizza Express and Wagamama.
    • Neighbouring office occupiers include The AA, BNP Paribas, Penningtons, RSM, Baker Tilly, Balfour Beatty, WSP and a Village Hotel & Gym is also on site.
  • Comprises c. 59,000 sq ft of offices + 219 car parking spaces.
  • Long Leasehold tenure (site of 1.95 acres).
  • Full vacant possession possible by August 2022.
  • Assuming a Grade A refurbishment then the potential ERV could be in excess of £1.6m gross (excl roof aerials) / £1,375,000 pa (net of head rent).
  • Potential to create a new 12-storey, 133,020 sq ft building to provide 214 residential units and supporting retail.
  • A valuable new build residential scheme and extension of the long leasehold interest will be supported by the Local Authority.
  • Proposal – offers are invited in the region of £1,950,000 (One Million, Nine Hundred and Fifty Thousand Pounds), subject to contract, reflecting £33 per sq ft Capital Value and 17% NRY.
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