News broke in late 2017 of a proposed deal between the Basingstoke Council, Muse Developments and Eli Lilly which will retain the latter as a major Basingstoke employer over the next decade or so.
Detail remains sparse but it is understood that Lilly’s will be committing towards a lease on brand new office space of 45,000 sq ft, on a site adjacent to Snamprogretti Ltd (now known as eni engineering Ltd). The terms of the deal have not been revealed to date, although it is understood that in a reciprocal transaction, the Council will sell the freehold interest of Lilly’s existing site in Priestley Road to the pharmaceutical company. Ownership of the freehold interest will then unlock redevelopment potential for Lilly’s should they choose to follow this route. Alternatively, they will have retained the option to try and let the existing space for office purposes.
This announcement is good news for the Basingstoke office market and something of a ‘face saver’ for Basing View after The AA withdrew from negotiations to lease the 60,000 sq ft Florence Building. The prelet is thought to be the first of any significant size in 7 years, not only in Basingstoke, but throughout the M3 market.