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News Article

USE DEVELOPMENTS NAMED AS BASING VIEW PARTNERAs reported in our news story on this website, dated 31st October, Basingstoke & Deane Borough Council have been poised to announce their development partner for the £200 million regeneration project at Basing View.It has since been revealed that Muse Developments are the Council’s preferred developer. The project is ultimately due to create in excess of 700,000 of commercial space on various Council-owned land parcels within Basing View. Master planning has evolved a mixed scheme of new office space, a business class hotel and other support facilities.The Council themselves are committing over £3 million to deliver estate infrastructure improvements and have earmarked a further £5 million of investment funds which is hoped can be used to stimulate new development on the estate.Our own view is that whilst this announcement is welcome progress in the long standing saga involving Basing View’s regeneration, these measures should have been taken some time ago, at a time when both occupier and financial markets were somewhat healthier. To sustain and make viable any new office development, top rents in the town will now have to increase by at least 25% from current levels, and tenant incentives need to dramatically reduce. Unfortunately it is our belief that Muse and the Council may encounter resistance from the development/funding markets at present, with the exception of maybe the proposed hotel scheme and any retail store development. As for the development of speculative offices, a project of this nature will be reliant upon another property upturn, which unfortunately isn’t on the horizon at present.


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