BASINGSTOKE and Deane Borough Council will continue its support of commercial investment for the rest of the year.

At the cabinet meeting on Tuesday evening last week, member for property and development Councillor John Izett said that the borough council is set on investing £25 million as part of its invest to grow strategy.

To date, £10 million has been invested to help rehome Eli Lilly in new 45,000 sq ft headquarters in Basing View.

As part of the next phase of the strategy, the borough council said it is looking to invest in both commercial and property opportunities.

Cllr Izett outlined one area the council is looking to invest in is a 160,000 sq ft accommodation, which is predicted to receive £15 million of private sector investment into Basingstoke and a £8 to £10 million investment for the invest to grow fund.

There is also an opportunity for the borough council to make a commitment of £15 million, delivering a total of 140 new homes.

Cllr Izett said: “The business plan aims to deliver further positive outcomes from the many ongoing discussions with various private and public sector parties currently taking place, not least where the council is an existing landowner.

“This fund is an important initiative designed to create jobs, homes, green infrastructure and new commercial premises and this business plan has my full support.”

He added: “What this sets out are the proposals for investment for the coming year and we have a pipeline for a number of projects that are already underway.”

The invest to grow business plan was approved by the cabinet.