ONE of Basingstoke's most iconic buildings has been sold off, with a refurbishment promised by its new owners.

Squarestone Growth has completed the acquisition of Mountbatten House, known as the ‘Hanging Gardens of Basingstoke’.

The five-storey building in Basing View, which is Grade II-listed, has been acquired for £2m.

Squarestone Growth says it intends to undertake a full-scale refurbishment, keeping the building for office use.

Hugo Denée, managing director at Squarestone Growth, said: "Mountbatten House is an exciting addition to our regional portfolio that we have grown to £230 million in the last three years.

“The transaction is a prime example of the quality of our stock selection and vision for value-add opportunities.

"The Thames Valley office market has suffered from persistent undersupply of Grade A office space and we look forward to bringing back Mountbatten House to the market through this extensive restoration project so that it can once again be a vibrant hub for the local area.”

Squarestone Growth has appointed architectural practice FCBStudios to undertake the refurbishment.

FCBStudios specialises in listed buildings, with recent projects including the restoration and redesign of the Queen Elizabeth Hall, Purcell Room and Hayward Gallery at the Southbank Centre, London.

Basingstoke and Deane Borough Council owns the land the site sits on.

Executive director of borough development at the borough council, Neil Taylor, added: “We look forward to working with Squarestone Growth on its refurbishment plans for the iconic Mountbatten House and Grade II-listed hanging gardens.

“This investment will provide further Grade A office space that businesses require now and in the future as part of the ongoing regeneration of Basing View and is further proof of Basingstoke’s position as an attractive business location.”

Mountbatten House, previously known as Gateway House, was developed by Arup Associates between 1974 and 1976 for the paper manufacturer and merchants, Wiggins Teape, to become its new UK headquarters.

Mountbatten House was awarded listed status in 2015 on the grounds of its rarity in being an interesting and innovative late-1970s example of a commercial office landscaping.

The building has also received a number of accolades including a RIBA Southern Region Award, a Business & Industry Award and a Civic Trust Award Commendation.