Vail Williams - Offices General - Basingstoke

Date: 09 Sep 1998

Regus Moves Into Basingstoke As HCR Relocates To Town Centre

The level of available office stock in Basingstoke has reached a 10-year low according to Vail Williams after two significant inter-related deals in the town. HCR Relocation Services, currently based on Chineham Business Park, is following its own advice and moving from the 2,078sq m (22,376 sq ft) Pinewood office building to Copenhagen Court in the town centre.

HCR has assigned its leasehold interest,-which expires in June 2015- in Pinewood to the semced office operator, Regus at a passing rent of £450,000 pa. At the same time, HCR has taken an assignment of the AA's interest in the vacant Copenhagen Court, held on a 25-year lease until 2012 at a current passing rent of £281,000 pa.

Andrew Newman, a partner of Vail Williams, says that: "Since the end of June, take up in Basingstoke has exceeded 11,148 sq m (120,000 sq ft), reflecting a 25% reduction in supply levels in units over 464.5 sq m (5,000 sq ft), and reducing available stock to less than 10% of total supply."

"We have seen a tremendous turn around in the fortunes of Basingstoke's office market. In particular, the IT, telecommunications and service sectors are enjoying strong business growth. This is fuelling demand for modern, well specified office space, which is proving increasingly difficult to secure throughout the M3 corridor."

Vail Williams advised Hambro Countrywide in the assigmnent of Pinewood to Regus and also acted for The AA in conjunction with London Clancy and Woodford & Company in the letting of Copenhagen Court. Regus advised themselves throughout. Vail Williams will be advising HCR on the sub-letting of 650.3 sq m (7,000sq ft) of surplus ground floor space at Copenhagen Court.

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