Development agreement to end for Basingstoke’s central business district
Basingstoke and Deane Borough Council and Muse Developments have agreed not to extend the development agreement for the £500 million regeneration of Basing View, which is due to come to an end in December this year.
Under the development agreement that was signed in December 2011, Muse and the council have delivered significant improvements at the Basingstoke town centre business area, from enhanced shared open space and landscaping to a Waitrose store and a new 45,000 sq ft headquarters for Eli Lilly and Company.
Totalling almost £50 million, these investments have reinforced the profile of Basing View as an important employment location and helped facilitate other developments, including the 60,000 sq ft Florence Building, let to Sovereign Housing Association, and a new Village Hotel, with gym, restaurant, swimming pool and Starbucks coffee shop which opened in February 2020.
The decision will allow the council to explore opportunities to work with other development partners to deliver the remaining office schemes.
Cabinet Member for Finance and Property Cllr John Izett said: “Basing View has significantly changed for the better over the past 10 years and I would like to thank Muse Developments for their part in achieving this transformation. As well as delivering two major schemes that have created new jobs and amenities, the partnership has also stimulated other external investment at Basing View.
“The decision not to extend the development agreement later this year will allow us to take a fresh look at the opportunities available at Basing View and find new partners to deliver developments as part of our plans to continue to boost economic recovery in the borough.”
Chris Scott, Development Director at Muse, added: “We’re very proud to see the improvements at Basing View that have come forward over the last 10 years and are only disappointed with the impact the pandemic has had on the ability to bring forward new, best-in-class employment space in the area.
“We understand the council’s wish to focus on attracting more speculative office development in Basingstoke, which unfortunately does not fit with our medium-term strategy. We wish the council every success for the future and look forward to Basing View continuing to evolve as a resilient and quality location for businesses to thrive.”