BRAVO! 2019 starts with a bang following the letting and subsequent sale of The Florence Building in Basingstoke
Sovereign Housing Association have taken a lease on the whole building comprising 61,000 sqft which has subsequently been sold to LGIM.
A new 20 year lease term was agreed, subject to minimum and maximum uplifts linked to RPI at rent review.
Legal and General has bought the building on behalf of its LPI (Limited Price Inflation) Income Property Fund paying approximately £29m and a Net Initial Yield of around 4.35%.
The deal will likely see some of Sovereign’s staff move from Newbury and is a significant inward investment deal for Basingstoke.
The property is situated on Basing View, the central business district for the town, and is the first large speculative office development in Basingstoke town centre for over 15 years. The development completed in July 2018 and took less than 6 months to be let and attracted a great deal of interest.
RARE and Savills acted on behalf of Abstract.