The residential conversion market (under Permitted Development legislation) continues to thrive in Basingstoke, at least in situations where office values are discounted for one reason or another.
Much of the available freehold office space in the town centre has been sold for conversion over the past 2 years, leaving commercial occupiers with very limited choice for their office requirements.
Thus far, the Basing View location has been unaffected, due to the lack of freehold availability. However, in a sign that conversion specialists are beginning to look further afield for their opportunities, Spinnaker House, located on the edge of Hampshire International Business Park, has recently been sold for £2.35 million.
Not only is the property located within what is predominantly an out of town area with limited shopping and recreational amenities in the vicinity, it also has two existing office tenants, such that vacant possession is not immediately available to the new owner.
The new owners, P4i Ltd will consider their options now that the sale of the 22,000 sq ft building has completed. If either or both of the office tenants wish to remain in occupation under the terms of their leases, then conversion will be delayed until May 2019 at the earliest.
bdt acted for the Vendor, Halkin Development, in this transaction, P4i were unrepresented.