Two of Basingstoke’s biggest employers have reached agreement over the towns largest open market office letting for a number of years.
Cromwell Place, owned by Shire Pharmaceuticals, and comprising 31,800 sq ft (2,954 sq m) on Hampshire International Business Park, has been let to two divisions of Macmillan Publishers. BDT (incorporating Woodford & Co) and Andrews Denford Boyd represented Shire in the transaction.
Cromwell Place was one of two buildings forming Shire’s out of town business campus on Hampshire International Business Park to the north of Chineham Park, but latterly became surplus to requirements. The two parties undertook ‘off market’ negotiations when Macmillan launched a search for a new office headquarters as a result of deciding to sell their existing Houndmills site for redevelopment purposes.
Terms were agreed for two new 10 year leases, with 5th year break clauses and rent reviews. The rent agreement remains confidential, but includes the use of quality fixtures and fittings left in the building by Shire.
Richard Thomas of BDT commented …”This latest office deal in the town reflects improving occupier demand across all size ranges. It is important that the town now enjoys a period of consolidation after the difficulties of the last recession. Shires vacation of Cromwell Place proved very timely because is released the perfect building for Macmillan and has allowed them to sell their existing site for redevelopment. This development scheme will ultimately result in much needed brand new industrial and warehousing space for the town”.
Contact for further information:
BDT incorporating Woodford & Company
Telephone: 01256 840 777
16th March 2016