Local self storage operator Lok’nStore is part of a rapidly growing AIM listed business and is the market leader in the South-East region. The centre at Crockford Lane, Chineham Park, Basingstoke offers 30,000 sq ft of storage space for individuals, households and businesses. Including stores in development, the company will be offering a total of 1.22 million sq ft of storage space across South East England.

Lok’nStore announced strong financial results for the six months up to 31st January 2008.  With 19 stores open, the company has produced a record turnover of £5.52 million during the same period, and secured three additional sites in Portsmouth, Maidenhead and Northampton.

Andrew Jacobs, Hampshire resident and Chief Executive of Lok’nStore, commented:

I feel the company’s financial results are a just reflection for all the hard work we have put in. We are delighted to be in our current position so we can continue to expand our business into new territory and increase the service we offer to our current trading locations.

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.

A further letting of prime office space has been announced in the Renaissance development on Basing View, Basingstoke.

The Emerald Group have signed for the 2nd floor of 7,700 sq ft (715 sq m) in Building 2200, taking a new 10 year lease with a 5 year break option, at a commencing rent of £17.50 per sq ft.

Richard Thomas of agents Baker Davidson Thomas, who along with Strutt & Parker advised the landlord, ING Real Estate Investment Management, in the transaction, confirmed that this was the second letting in the building in 5 months, “bucking the trend to some extent”. PRN Services were reported as having leased space on the first floor in the same building in August 2007.

The Emerald Group is a leading Executive Search Firm specialising in the Financial Services Market. Their niche sectors include Actuarial, Investment Banking, Asset Management, Hedge Funds, Life & Pensions and FX. As a result of their relocation from Worthy House in Winchester Road they will double in size.

In a separate transaction, their freehold interest in this property has been sold by Baker Davidson Thomas to Scottish & Southern Energy plc. The building was sold within 2 months of coming to the market.

Rosalind House on the Viables Business Park in Basingstoke has become available to the market by agents CB Richard Ellis and Baker Davidson Thomas. The property was formerly designed and built for Fibernet Ltd in the year 2000.

The Fibernet business was acquired by Global Crossing Ltd and the building has now been vacated, with staff relocated to other Global Crossing buildings.

A total of 21,800 sq ft is available in the property, in suite sizes from 4,360 sq ft. New sub-leases are available on ‘terms by negotiation’. The space is well presented, well fitted and extremely well parked.

Richard Thomas at BDT described the space as “an institutional specification”, to incorporate air conditioning, cabled raised floors, up to date lighting standards and flexible floorplates.

Leading real estate adviser Vail Williams (LLP) is expanding its presence in the M3 corridor by opening a new multi-disciplinary office close to Junction 4 of the M3 in the Blackwater Valley area. These new premises, opening in September 2007, will allow Vail Williams to offer a more comprehensive and accessible service, whilst retaining the in-depth knowledge of the local commercial property markets essential to so many clients.

The experienced and specialist teams who currently cover the Basingstoke and Camberley areas will be combined with other specialist teams, such as rating, to offer a broader regional service to clients, whilst supporting clients’ needs from one office.  With businesses increasingly considering property options on a regional basis, it will also enable Vail Williams to offer unparalleled local expertise with the opportunity to add value by sharing knowledge between the teams.

Vail Williams opened its original office in Frimley over 25 years ago and has an enviable record in terms of its local knowledge and involvement with many of the major commercial developments in the area.  As such Vail Williams is looking to build upon this knowledge and the relationships it enjoys with a loyal client base. The new offices represent a major investment for Vail Williams and form part of their long-term commitment to the region.

Ian Rudland, Chief Executive of Vail Williams LLP, commented,

This is a region we know exceptionally well, having first opened an office here over 25 years ago.  Markets change, as do businesses; we are looking to the future and the needs of our clients.  More than ever, clients want specialist knowledge, both of the local market and of individual disciplines required to offer all round property advice at the highest level – something we are very well equipped to deliver.  By locating our teams to work alongside one another, this provides the possibility of identifying added value opportunities for our clients, without losing the insight that is invaluable to them.

Andrew Newman has decided to remain in Basingstoke, so as part of the move Vail Williams is selling the local business space agency aspect of the Basingstoke offering to Andrew for an undisclosed sum. Andrew will be running the agency business under his own name and will continue to work on behalf of existing clients in the area. Nick Olliffe, also based at the Basingstoke office, will be joining Andrew in the new venture.

Andrew has operated successfully within Basingstoke for 25 years and his knowledge of the local market is therefore unparalleled. I wish him all the best for his new agency venture

Andrew Newman commented,

I am now looking forward to maintaining and growing the client base I have worked so closely with for the better part of a quarter of a century. I look forward to working closely with Vail Williams in the future.

Baker Davidson Thomas report this morning on two Basingstoke companies soon to be on the move.

PRN Services, a pharmaceutical and clinical research company, are the latest tenant at Renaissance on Basing View, Basingstoke and they are set to expand from serviced offices at Grove House in Chineham into 3,360 sq ft (312 sq m) of brand new space at Renaissance. Matt Read, Managing Director at PRN added:

We looked long and hard at available space in the local market and concluded that the quality finishes and slick image presented by Renaissance, best suited our future needs. This was a prime consideration as we deal with major customers in the pharmaceutical and biotechnology industries.

A further sign of gathering momentum in the take up of office space in the Basingstoke market is the letting of Harrow House in Bessemer Road , off Cranbourne Lane.

Trane (UK) Ltd have agreed to lease the entire 11,000 sq ft (1,000 sq m) building, vacating space on Basing View in favour of the self contained out of town option with 70 car spaces. The terms of the deal remain undisclosed.

Trane are industry leading providers of integrated cooling and heating systems and services. They are an American owned global company, with offices and service operations worldwide.

With regards to the overall state of business space in Basingstoke, Richard Thomas of BDT commented:

There’s no doubt that the supply of offices in Basingstoke is gradually reducing, the Harrow House deal being a case in point. However, tenant incentives still remain relatively high, lease periods generally incorporate break clauses, and rents are not yet improving. All in all, it remains a little too early to be seriously considering the next phase of speculative office development, but confidence is returning, and the next cycle of development is at least on the horizon.

Basingstoke real estate advisers, Vail Williams LLP, has successfully disposed of Units 5 & 6 at the IO Centre in Basingstoke, on behalf of client’s Teesland iDG.

The IO Centre is a new development of Grade A industrial accommodation, prominently located on Brunel Road within the established Houndmills Industrial Estate.  Units 5 & 6 were the last 2 remaining units to be disposed of by the developer, comprising 3,734 & 4,709 sq ft respectively.

Forelle Estates Limited, a local investor/developer based in Poole, has acquired Unit 5 for £400,000 and Unit 6 for £500,000, reflecting capital values of circa £106 per sq ft.

Russell Miller, of Vail Williams’ investment team said,

Our client has successfully developed a prime industrial estate within a major south east town and have now met their objective to dispose of all of the units just one year after practical completion.  Forelle Estates are confident that tenants can be found for these units over the coming months and are equally pleased to have been able to secure this investment opportunity.

Further lettings and a prospective sale are reportedly in the pipeline at the Prisma Park development in Wade Road, Basingstoke.

Agents, Baker Davidson Thomas and London Clancy advise that another industrial unit of 2,410 sq ft has been let recently. Composite Metal Technologies plc have signed a lease for Unit C within the past couple of weeks, together with 900 sq ft of offices in one of the office buildings on the same development.

In a move from Cody Technology Park in Farnborough, CMT have also secured an option to buy the freehold interest in the two units in question. The organisation is an advanced materials technology company, involved in the research and production of machinery for the manufacture of aluminium matrix composites. These advanced composite materials offer significant weight and performance benefits over conventional un-reinforced materials, such as steel and alloys. CMT’s products are particularly associated with automotive, defence and aerospace applications.

CMT will join Homeserve Emergency Services as tenants on Prisma Four, the industrial/warehouse element of the Prisma scheme. Two other remaining warehouse units are reported as being under offer, one on a leasehold basis, the other by way of an outright freehold sale.

The agents also report “agreed terms” for one of the office buildings, but cannot release further details at this stage.

Richard Thomas at BDT commented;

it is pleasing to see this excellent scheme generating occupier interest. Equity Estates and their financial backers have adopted a highly realistic and flexible approach to discussions with prospective occupiers, and this strategy is now achieving results.

For further information on the remaining units in the Prisma Park scheme, either Baker Davidson Thomas or London Clancy can be contacted locally in Basingstoke.