Kingfisher Housing Association (a member of the Wessex Housing Partnership) have completed the purchase of two adjoining office buildings at the top of Sarum Hill in Basingstoke, for use as their new headquarters in the town.
Sarum Gate and Deane House have been vacant for a number of years, offering a total of 17,400 sq ft and 71 car spaces. Although vacant, the buildings have been income producing for the respective landlords as a result of the previous tenant having been committed to a leasehold obligation until December 2011.
In a tripartite deal, Basingstoke surveyors Baker Davidson Thomas, acting on behalf of Kingfisher, agreed purchase prices with the two landlords and negotiated a surrender premium from the tenant, allowing the latter to walk away from further commitment, and Kingfisher to inherit vacant possession. They have already commenced work on site involving an extensive refurbishment of both buildings. A move from their current property in Winchester Road is anticipated towards the end of September this year.
Richard Thomas at BDT commented:
This acquisition sees the successful conclusion of a year long project. Kingfisher were very specific about their requirements for freehold offices in a town centre location. Combining the two meant that we had to dig beneath the surface to establish the availability of buildings which weren’t readily available, at least not on freehold terms.
Brian Hutchison, the Chief Executive of the Wessex Housing Partnership added:
We are really pleased to have bought Sarum Gate and Deane House in central Basingstoke within only 100m of our existing offices. As a rapidly expanding business, Kingfisher and Wessex have outgrown our existing building and moving to this new headquarters will allow our expansion to continue and enable our residents and other customers to retain their easy access to us together with providing staff with an excellent and convenient working environment.
Purchase prices and surrender premiums remain confidential. London Clancy represented the outgoing tenant.