A PROPERTY development company has bought a site in Basing View for a major new building project. 

Abstract Securities say the site will be one of the key elements in the regeneration of Basingstoke’s central business district.

Abstract plans to build an office development of 60,000 square foot to house 700 desks and 206 car parking spaces.

Detailed work is well advanced by architects TP Bennett on the design of the building, called The Florence Building.

A full planning application is due to be submitted within weeks, and Bowmer and Kirkland has been appointed as contractors.

Work to the new build is due to start at the end of November and end by late 2017, with the aim of it being environmentally friendly.

Mark Glatman, chief executive of Abstract Securities, said: “We are delighted to have commenced this latest speculative office development in Basing View, working with the team at Basingstoke and Deane Borough Council. We have great confidence in this product and Basingstoke as a business location.

“We continue to maintain that while quality and environmental performance remain key drivers for occupiers, value for money is fundamental. By continuing to exercise tight design and procurement processes, we can deliver a fantastic product at exceptional value offering a cost per work station (based on a one person per eight metres square) from only £3,000 per annum compared with competing areas at figures potentially as high as £4,700.

“This follows hot on the heels of our development in Gatwick, Croydon and Glasgow where a similar methodology has been well received by the market.”

Councillor John Izett, the borough council’s cabinet member for property and development, said: “Abstract Securities’ recognition of the opportunities here and decision to invest is evidence of the borough’s new success. We are delighted that a development partner with such a great track record and market reputation is building and investing in our borough.”

Savills and RARE will jointly market The Florence Building on behalf of Abstract Securities.