Great Portland Estates has sold its interest in the controversial Basingstoke office building De La Rue House on Basing View for just under £3m. The deal could open up the landmark site for redevelopment.
The building’s former occupier, the credit card and currency manufacturer De La Rue, which still has an unexpired lease on the property, bought Great Portland’s head-lease.
De La Rue has negotiated a surrender of both interests with the council which is thought to be considering offering the site for redevelopment.
Basingstoke and Deane Borough Council’s property department, which owns the freehold of the building, has agreed to buy out De La Rue.
The council’s resources sub-committee has recommended the buy-out of De La Rue’s lease in the building but the proposal still needs council approval.
De La Rue, which vacated the 5,110 sq m (55,000 sq ft) building to relocate to a new HQ in the town, has been trying to get rid of its property liability since 1990.
De La Rue and Great Portland Estates were both unrepresented.
EGi News 24/11/97
