Councillors in Basingstoke have agreed a 150-year lease on an 11-acre site earmarked for a 188,000 sq ft industrial scheme.
Basingstoke & Deane Borough Council’s cabinet agreed on Monday, December 17 to approve the lease to St Modwen to redevelop buildings on Unit 3, Viables Business Park in Jays Close.
Th developer is working with US defence firm, ITT Industries, which currently occupies the site, on a joint venture.
A planning application has been submitted for three large warehouses and two small retail pods along with demolition of the existing buildings.
As part of the deal, the council will own one of the new warehouses and retain an overall ground lease for the site to protect its income.
The deal is also expected to create up to 200 new permanent jobs.
Cabinet member for regeneration and property Cllr John Izett said: “The council is committed to attracting new companies and securing significant new investment to create high quality jobs for our residents.
“I am pleased we have been able to secure a deal to redevelop this major site, following lengthy negotiations, to ensure it provides the modern premises that companies now expect.”
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© Thames Valley Property No 192 (tvproperty.co.uk)