Vertex, a 48,000 sq ft office building, constructed by clients of Cordea Savills, has been sold to Hampshire County Council for £6.15 million. The purchase is part of an office rationalisation programme enabling the release of other buildings from their portfolio. The strategy aims to change how the Council and its staff operate, the buildings in which they work and the IT that supports them, in order to help make greater savings in the face of reduced levels of Government funding. Savings generated from the programme are then ploughed back into local service delivery to Hampshire residents.
It is already on track to deliver and exceed a number of key targets; including reducing running costs by a quarter, cutting floor space by over a third, and generating £14million from the sale of surplus buildings, on top of the £2million in annual revenue savings.
Vertex, which was shortlisted by the British Council for offices as one of six out of town office developments of the year in 2002 has 35,000 sq ft available, with the remaining space let to Kelway UK.
Andrew Newman of joint marketing agents Hollis Hockley said “We and our clients are delighted that the property has found a suitable owner. This is the end of what has been a lengthy marketing road and several near misses in previous years. This sale further reduces availability of Grade A stock in Basingstoke and is the second transaction in as many months of this size, following the relocation of Computer 2000 to Chineham Park.’’
Hollis Hockley and Savills acted for the vendors, clients of Cordea Savills and Hampshire County Council were represented by HCC Property Services.