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”.
Commercial Property Register
October 2017 – March 2018www.compropregister.com
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
.) at Test Lane, Nursling.
Proving the pent up demand for offices in Portsmouth, Pure Offices’
new serviced facility had 30% of the space let in the first seven
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
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.
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
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
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
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
. in the third quarter
compared with the same period