Basingstoke and Deane Borough Council have granted St Modwen a new 150-year lease over a chunk of Basingstoke’s Viables Business Parks.
St Modwen is working with the current owner of the building, American manufacturing company ITT Industries, to redevelop the 11-acre site within the business park to provide 188,000 sq ft of new industrial and warehousing units.
The firm has already submitted a planning application which proposes the space be spread across three new warehouses and two small retail pods.
As part of the deal, the council will own one of the new logistics warehouses and retain an overall ground lease for the site, protecting the income the council receives from the site in rents and business rates.
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