Basingstoke council forward funds pharma giant’s office

Basingstoke & Deane Borough Council has forward-funded a new office in Basing View, Hampshire, for US-based pharmaceutical giant Eli Lilly & Company. The 46,000 sq ft building is to be delivered by Muse, the council’s development partner at Basing View, and is being jointly funded by the council, the Enterprise M3 Local Enterprise Partnership and the Invest to Grow Fund. It is the first project to be supported by the fund, which is aimed at stimulating commercial property and infrastructure projects within the Basingstoke area. It is contributing £23m to the project, which is to start in the third quarter of this year, subject to planning permission. The new building will replace Eli Lilly’s 11-acre campus on Priestly Road. The council’s cabinet member for property and development, John Izett said: “The investment aligns to the council’s aims and it was right for the council to step forward and use its financial resources to fund projects that keep jobs in our borough. “We rely on rents from our property portfolio and returns on our investments to help keep council tax low.  The fund will earn a much better rate of return than the council’s current cash investments, helping to maintain services, despite reducing government support.” The £25m Invest to Grow Fund is managed by CBRE’s investment advisory team, part of CBRE Capital Advisors. To send feedback, e-mail Louise.Dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette