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Site
We understand the site extends to approximately 5.90 acres (2.39 hectares).
An environmental report of January 2026 by Connix reports that the contamination risk is low. The report will be assigned to a purchaser at a cost of £3,020 + VAT.
Accommodation
The property has been measured by BKR Floorplans and provides the following net internal floor areas:
| Building A | Ground | Vision RT Limited | 21458 sq ft | 1993.45 sqm |
| Building A | First (part) | Vision RT Limited | 11,077 sq ft | 1029.05 sqm |
| Building A | First (part) | Vacant | 10,493 sq ft | 974.80 sqm |
| Building B | Ground | Vision RT Limited | 18,212 sq ft | 1691.90 sq m |
| Building B | First | Vacant | 17,981 sq ft | 1670.43 sq m |
| Building C | Ground | JD Sports Gyms | 11,031 sq ft | 1024.78 sqm |
| Building C | First | JD Sports Gyms | 11,134 sq ft | 1034.35 sqm |
| Total | 101,386 sq ft | 9,418.76 sqm |
A set of floor plans is available to download, and the measured survey report will be re-addressed to a purchaser at a cost of £2,145 + VAT.
Tenure
The property is held on a long leasehold basis from Basingstoke & Dean Borough Council for 125 years from 8th April 1986. Hence, there are approximately 85 years remaining on the lease.
The current head rent is £153,000 per annum and is based upon 15% of the rack rental value. Rent reviews are upwards only, the next review due April 2026. Given the current head rent implies a rental value of £1,020,000 per annum, compared the current total sub-tenant income of £705,548 per annum, there is no likelihood of the head rent increasing.
The user clause within the lease is wide, permitting banks, shops, showrooms, offices, light industrial, warehousing and retail warehousing. Residential is not permitted.
Assignment of the lease is permitted, with consent not to be unreasonably without or delayed.
Tenancies
In summary, the current income is as follows:
| Unit | Tenant | Income |
| A1 Ground, A2 whole | Vision RT Limited | £370,548 |
| A1 First | vacant | £0 |
| B Ground | Vision RT Limited | £160,000 |
| B First | vacant | £0 |
| C Whole | JD Sports Gyms Limited | £175,000 |
| Total | £705,548 per annum |
Vision RT Limited have recently expanded their occupation within the property having originally occupied Building A ground and part first floor on a lease from February 2018. The tenant entered into a new lease for this accommodation for a term of ten years from 8th July 2025 , at the same time expanding their occupation into Building B on a new lease ten year lease.
Unit C was let to JD Sports Gyms Limited in 2025 on new lease from 6th May 2025 until 5th May 2040. The lease provides for a tenant break option 5th May 2035. The letting provided for a rent-free period of 6 months, followed by half-rent of £87,500 per annum from 6th November 2025 until 6th November 2026 when the rent reverts to £175,000 per annum. The lease includes a service charge cap of £25,000 subject to annual indexation.
During 2025, the occupation of the premises increased from 32,535 sq ft (33%) to 72,912 sq ft (73%).
Service Charge & Payment History
Statements of the current rent arrears can be found within the data room. Note that at 17th February 2026, Vision RT Limited owes rent arrears of £0 and JD Sports £17,500, with confirmation from the tenant that this has been approved for payment.
With regards to the service charge account for Vision RT, historic service charge balancing adjustments exist in relation to the period prior to 21 October 2021 and the appointment of the administrators. Similarly, Vision RT has a credit balance in relation to service charges since October 2021; a large credit exists relating to electricity supply payments made by the tenant on behalf of the wider property, for the period following administration up to April 2025.
These adjustments, to the benefit of the tenant, are in the process of being finalised and agreed by the current managing agents. The vendor (administrators) will settle the balancing credits with Vision RT out of the sale proceeds.
Rateable Values
According to the VOA website the rateable values (as at April 2026) are as follows:
| Building A Grd & Part 1st | Vision RT Limited | £420,000 |
| Building A 1st | vacant | £192,000 |
| Building B Grd | Vision RT Limited | £246,000 |
| Building B 1st | vacant | £249,000 |
| Building C | JD Sports Gyms Limited | £350,000 |
Note that the rateable value for Building C was £350,000 and currently being re-assessed.
The rate poundage for 2026/2027 will be 48.0p. As a result, the rates payable by the landlord in terms of the currently vacant accommodation will be £211,680.
Net Income
| The current income position is as follows: | |
| Head rent | -£153,000 |
| Vision RT | £370,548 |
| Vsion RT | £160,000 |
| JD Sports Gym | £175,000 |
| Total Income | £552,548 |
| The true net income is as follows: | |
| Sub total | £552,548 |
| Service charge shortfall | -£183,440 |
| Rates Shortfall | -£211,680 |
| True Net Income | £157,428 |
Should a successful rates mitigation scheme be implemented, saving 50% of the rates liability, the income position would be as follows:
| Sub total | £552,548 |
| Service charge shortfall | -£183,440 |
| Reduced rates shortfall | -£105,840 |
| True Net Income (potential) | £263,268 |
Having regard to the recent lettings, we suggest it would be reasonable to anticipate letting the vacant accommodation at £8.00 per sq ft which would result in potential income of:
| Head rent | -£153,000 |
| Vision RT | £370,548 |
| Vsion RT | £160,000 |
| JD Sports Gym | £175,000 |
| Building A Part 1st Potential | £83,944 |
| Building B 1st Potential | £143,848 |
| Service Charge Shortfall | -£37,599 |
| Total | £742,741 |
Covenants
Vision RT Limited has reported the following figures:
| 31st December 2024 | 31st December 2023 | |
| Turnover | £108,309,178 | £97,159,142 |
| Pre-Tax Profits | £32,443,322 | £24,898,047 |
| Net Assets | £31,180,170 | £24,217,170 |
Vision RT is a UK-based business, with global subsidiaries, which has pioneered surface-guided radiation therapy (SGRT) and is the global market leader. The company, which was founded in 2001, develops and manufactures camera systems and software that improves the efficiency, efficacy and patient comfort during radiation therapy. Headquartered in London, Vision RT employed 328 staff during the latest financial year with global sales and support in all the major radiation therapy markets and products sold in more than 45 countries. For further information visit visionrt.com.
JD Sports Gyms Limited has reported the following figures:
| 1st February 2025 | 3rd February 2024 | |
| Revenue | £122,141,000 | £100,877,000 |
| Pre-Tax Profits (Loss) | £37,977,000 | £29,000 |
| Net Assets | £38,206,000 | £7,976,000 |
The business delivered a record pre-tax profit, up 42 per cent on the previous year, with revenue up 21 per cent. Membership numbers also grew by 36,000, from 536,000 to 572,000.
JD Gyms’ EBITDA averaged circa 50 per cent at gym level and over a two-year period, turnover in the business has increased by 51 per cent.
JD Gyms is a chain of low cost, high specification fitness centres in the UK operated by JD Sports Fashion PLC. Wholly funded by the PLC, investing an average of £1.5m per site, JD Gyms provides state-of-the-art facilities on a highly cost-effective basis, making it a highly popular choice. The company opened its 100th club in November 2025. For further information visit www.jdgyms.co.uk.
Add-Value Opportunities
The investment offers significant opportunities to enhance value by letting the vacant accommodation which will provide for a large increase in true net income.
Additional value enhancement would be achieved by negotiating with the freeholder, Basingstoke & Dean Borough Council. a head-lease extension upon favourable terms.
The lease provides for a wide range of uses, opening up the possibilities to bring new uses to the site.
EPC
| Building A | C | 24/10/2023 |
| Building B | D | 24/10/2023 |
| Building C | D | 24/10 2023 |
VAT
The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Proposal
We are instructed to seek offers in the region of £2.0m (Two Million Pounds), subject to contract.
A purchase at the asking price represents a low capital value of £20 per sq ft / £212 per sq metre. The true net initial yield at the asking price is 7.4%. If a successful rates mitigation scheme can be implemented, the investment would show an investor over 17%, with an opportunity to achieve 35% should the vacant accommodation be let at the suggested rental value.
Please note that a purchaser will be re-charged the cost of the measured survey (£2,145 + VAT), the environmental report (£3,020 + VAT,) and searches (£2,846.95 inc VAT) which are provided in the data room.
Investment Considerations
An opportunity to purchase an office investment opportunity at a low capital value;
The property has seen significant increase in occupation during 2025;
The current tenants provide strong covenants for an investor;
The investment offers an investor a good initial yield with the potential to significantly enhance by active management initiatives.
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