ADDITIONAL funding has been agreed to invest in the new home of one of Basingstoke’s biggest employers at a cabinet meeting on March 5.

As previously reported in The Gazette, Basingstoke and Deane Borough Council had agreed to help pharmaceutical firm Eli Lilly move from its current Priestley Road campus to a new 45,000 sq ft office in Basing View.

However, since this deal was agreed in December last year, the forecasted construction costs for the new office have been exceeded.

Due to this, members of the cabinet agreed to increase the capital investment in the project by £1.2 million, with £500,000 coming from the borough council and a £700,000 loan from the Local Enterprise Partnership.

Cabinet member for property and development, Councillor John Izett, said the additional funds were vital to keeping Eli Lilly in the borough.

Cllr Izett said: “The significant value and benefits to the borough of continuing to proceed with the new HQ for the company at Basing View remain and it is important therefore that solutions are found urgently so that we can meet our commitments as a council and the proposed transaction can proceed.

“The request for additional funding therefore follows intensive further due diligence work over many months and tough negotiations in order to achieve a way forward for this important project on a basis that still provides for a good financial return for the borough.”

Cabinet agreed to approved the additional funding for the development for the new Eli Lilly HQ.