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The Forward Funding Of Eli Lilly

An impression of the White Building for Eli Lilly and Company
29 March 2018
 

Basingstoke and Deane Borough Council has forward funded a new office in Basing View for one of Basingstoke’s longest established international occupiers, Eli Lilly and Company, through its pioneering ‘Invest to Grow Fund'.

This is the first project to be supported by the Invest to Grow Fund, which is aimed at stimulating commercial property and infrastructure projects within the Basingstoke area where there is a clear benefit to local employment, regeneration, environmental and economic prospects. All capital returns will be reinvested into future growth projects.

The Fund’s first investment will be to forward fund the construction of the new headquarters in Basing View. The building will be developed by Muse, the Council’s Development Partner at Basing View, and will be funded jointly by the Council, the Enterprise M3 Local Enterprise Partnership and the Invest to Grow Fund who will contribute funding of £23 million to support the project. Work is scheduled to commence in Q3 2018, subject to planning permission.

The 46,000sq.ft building will provide a new office building in the heart of the town for Lilly, replacing their historic 11 acre campus on Priestley Road also in Basingstoke. This is the first pre-let office transaction in the M3 corridor for seven years and upon completion, the development will be the second largest asset in Basingstoke and Deane Borough Council’s extensive investment portfolio.

The £25 million fund, which is managed by CBRE’s Investment Advisory team, part of CBRE Capital Advisors, was launched at the end of 2016 to support a range of commercial and regeneration property and infrastructure projects within the local area.

The council’s Cabinet member for Property and Development Cllr John Izett said: “We rely on rents from our property portfolio and returns on our investments to help keep the 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.

“Together with the Florence building currently under construction, this pre-let new modern headquarters will help to strengthen Basingstoke's position as a key destination for businesses in the South-East.”

Picture: An impression of the White Building for Eli Lilly and Company

 

Article written by Cathryn Ellis | Published 29 March 2018

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