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The outlook for Portsmouth is

positive which is further

illustrated by the success of

Pioneer Park, the industrial

and warehouse development

which is already 50% let only

three months after its opening.

Developed by Chancerygate at the

Airport Industrial Estate and being

marketed by Vail Williams and

Doherty Baines, it is owned by a

client of Barings Real Estate and is

the first post recession speculative

industrial scheme in the city.

Philip Holmes of Vail Williams

said: “The confidence that our clients

have shown in this speculative

project, and in the Portsmouth area

in general, has proven to be well

founded, giving the south coast a

much needed industrial facility that

is already in high demand”.

5

Commercial Property Register

October 2017 – March 2018

www.compropregister.com

7

NEWS

ON THE

right road

A REAL

Pioneer

IN BRIEF

The

completion of road improvements at the £30 million South Central

warehouse scheme means it is on course for completion in May 2018.

The development comprises of three units totalling 19,131 sq.metres

(205,935

sq.ft

.) at Test Lane, Nursling.

Pioneer Park

Proving the pent up demand for offices in Portsmouth, Pure Offices’

new serviced facility had 30% of the space let in the first seven

weeks.

This is their first serviced office on the south coast and has 58 offices

designed for start ups or regional businesses, in a prime position overlooking

the water and within walking distance of shops and restaurants.

Portsmouth has been working hard on improving its facilities, notably the

retailing with the latest being the £16.2 million scheme at North Harbour.

A feature is a Decathlon sports superstore which joins such companies as

Subway, Costa, Greggs and Pure Gym at Portsmouth Retail Park, said letting

agent LSH.

At a time of some economic

uncertainty, the positive message

for the region is the priority

being given by the government

to transport schemes.

These are mainly road

improvements to unlock bottlenecks

which are vital in an area of high

traffic densities and a wide array of

business and industrial parks.

The schemes:

Upgrade Junction 9 of the M27

between Portsmouth and

Southampton which will

underpin a substantial

development at North Whiteley

Improvements to Junction 8

of the M27 and A3024 corridor

which approaches Southampton

city centre;

Red Funnel has won an appeal

to the government for its new

ferry terminal at East Cowes,

Isle of Wight. It said that this

would resolve traffic congestion

in East Cowes, boost the

island economy and aid the

regeneration of the town centre.

As so much office space has been

demolished or converted to

residential use, the office market

in the Solent region is chronically

short of space but at least, after a

lull, enquiries have picked up, said

Vail Williams. The majority of the

enquiries are coming from small

companies but the shortage means

increasing headline rents.

Philip Holmes of Vail Williams

said: “While there is very little

newly constructed offices, we are

seeing secondary stock being

refurbished to a very high standard”.

Russell Mogridge of Hughes

Ellard also noted the problem of

shortage of supply but added

“demand is on the rise from business

owners looking to move away from

leases to ownership of property”.

Demand in Chandlers Ford, Hedge

End and Winchester is strong.

Mogridge points to the success

of Lakeside, North Harbour, with

the village hotel completing in

November and a planning

permission for the Jaguar Land

Rover dealership is being heard

this month. A new occupier there

is Virgin Media.

The star turn in the market is

provided by industrial property

where Adrian Whitfield of Lambert

Smith Hampton has experienced

“robust levels of enquiries

and progress on several new

developments to contribute to a

buoyant period”.

Whitfield points to the new

schemes that will accommodate

the demand for prime space,

anticipating that the region’s larger

companies will move into the new

buildings, releasing secondary stock

suitable for small and medium

sized enterprises.

These new schemes are: Alpha

Park, Chandlers Ford; South Central

at Nursling; Mountpark,

Southampton; the Solent Airport

development at Daedalus,

Lee-on-the-Solent; Pioneer Park,

Portsmouth and the Dunsbury Park

scheme in Havant. The background

to these schemes is that take

up has increased, by 34% to

500,000

sq.ft

. in the third quarter

compared with the same period

of 2016.

KEEPING IT

Pure