Patrizia has begun 2016 with the commencement of its first speculative project at Chineham Park in Basingstoke with the announcement that planning permission has been secured and the comprehensive refurbishment of Chineham Gate is now underway.

Upon completion, anticipated for December 2016, Chineham Gate will deliver 48,500 sq ft of new Grade A office space at the 95 acre business park.  In addition to creating a new glazed external frontage and replacing the internal M&E systems the works will also extend the building by 9,000 sq ft. 

Chineham Gate will offer Grade A accommodation across two floors with the floorplates extending to circa 24,000 sq ft.

Patrizia acquired Chineham Park in October 2014 and since then has completed over 200,000 sq ft of transactions; the speculative works at Chineham Gate represent part of its ongoing asset management strategy for the park which is one of Hampshire’s key business locations.

Strutt & Parker and Hollis Hockley are letting agents at Chineham Park and are quoting rents in the early £20.00s.

Rupert Batho, managing director of Chineham Park at Patrizia, said: “2015 was an extremely successful year at Chineham Park – not only did we attract new occupiers to the park, we also accommodated the needs of some of our existing tenants such as Level 3; Glory Global and Exertis, who as a result of expansion required alternative solutions. We provided these and they have now committed their long term futures to the estate. Investing in the delivery of new, high quality space at the park is the next stage of our strategy to ensure that Chineham Park retains its place as one of the south east’s principal commercial locations.”

Jeremy Metcalfe in Strutt & Parker’s national markets office agency, leasing agents at Chineham Park, said: “The south east office market continues to perform well, enjoying strong levels of take-up in 2015. We are confident that the combination of the specification of Chineham Gate and the location and amenities offered by Chineham Park will position it to capitalise on the demand for quality space in Basingstoke and the surrounding areas.”