Game Digital Plc has announced that it has exchanged contracts with Portsmouth Estates for the sale of the group’s freehold interest of the 144,000 sq ft head office and distribution centre located at Houndmills in Basingstoke together with the immediate leaseback of the premises for a term of 17 years subject to a tenant only option to determine the lease after 12 years.
The commencing rental will be £1.060m per annum and will be subject to a minimum uplift at the 5th year rent review to £1.133m per annum with subsequent reviews being based on open market values.
The purchase price was £13.5m. Hollis Hockley acted for the purchaser Portsmouth Estates throughout the freehold and lease back negotiations.
Andrew Newman Partner at Hollis Hockley said “We are delighted to have been able to secure this major asset for Portsmouth Estates. Our clients have been based in the area since the 15th Century and are now looking to diversify their commercial interests and the ability to acquire well let high bay warehouse complexes such as this on a freehold basis in Basingstoke are extremely limited”.
Viscount Lymington said “We are delighted to have secured this exciting opportunity and contracts were exchanged within three weeks of agreeing Heads of Terms which confirms our ability to move quickly. We very much look forward to developing a working relationship with Game Digital. We are keen to secure other assets in the area to complement our other commercial interests”.
