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Fareham

AS WELL

Apart from the new industrial developments in and around major

cities in the region, there is a new speculative scheme for Fareham

close to Junction 9 of the M27.

Planning permission has been given for a self-contained unit of

4,645 sq.metres (50,000

sq.ft.

) on a 2 acre site at Segensworth for a

scheme by Marick Real Estate with letting agents JLL and LSH.

It is an established area where the occupiers include Royal Mail, Gestamp

and Estee Lauder.

David McGougan of JLL said: “This building offers a significant employment

opportunity for the borough and seeks to address the shortage of industrial

and warehouse space in the region”.

Unusually for Lymington it now

has the first speculative office

building on the south coast for

some years.

Stirley House has been developed

by Westfield and is being marketed

by JLL and Warwick Martel and has

a variety of different sized units.

Nella Pang of JLL said: “It is

excellent to see such a high quality

building being constructed along the

south coast, which suffers from an

acute lack of office space. While we

have seen industrial new build come

out of the ground in recent years, it

has been some time since there has

been a speculative office building”.

Pang noted that there was

considerable interest from local

businesses. Simon Martel of Warwick

Martel said: “Stirley House is in a

tranquil position on the eastern

boundary of Ampress Park with a

riverside outlook”.

Commercial Property Register

October 2017 – March 2018

www.compropregister.com

8

By any standard the south coast

industrial market seems to be

bucking the trend of the

economic indicators pointing to

a slowdown in the growth rate

in the UK.

The hope must be that this is

not a delayed reaction to the

uncertainty being generated by

Brexit, but the fact is that the

amount of prime industrial space

is increasing in the region, said

Lambert Smith Hampton.

The amount of prime space

available in the second quarter

of 2017 was 58,015 sq.metres

(624,488

sq.ft

.), an increase of

17% on the first three months.

Impressively, it has increased by

58% in the past year. Having prime

space available helps the inflow of

occupiers.

Adrian Whifield said: “The number

of high quality developments

coming to the market is easing the

pressure of the shortage and will

be welcomed by businesses that

have been crying out for first rate

sites”.He foresees an increase in

take-up this year.

Reinforcing Whitfield’s point,

nationwide courier and logistics

company DX Network Services has

become the first company to take a

unit at Alpha Park, the major new

development at Chandlers Ford. The

company has taken a 19,141

sq.ft

.

unit, on a ten year lease, at the

£20m site to service its home

delivery contract with IKEA.

Lambert Smith Hampton and

Colliers were the joint agents on

the scheme.

Lambert Smith Hampton also

expects rent rates for mid-box

(30,000-50,000

sq.ft

.) new

industrial units on the South Coast

to exceed £10 per

sq.ft

. in 2018 as

demand continues to outstrip

supply. The rate of rent per

sq.ft

.,

seen by landlords and occupiers

alike as a market barometer, has

been steadily increasing amid a

continued squeeze on desirable

units larger than 10,000

sq.ft

.

along the M27 and M3 corridor.

Adrian Whitfield, said:

“We know that historically rent

rises along the M27 consistently

track those further towards London

and around the M25 where we are

already seeing rents of £11.50 -

£13.50 per

sq.ft

. achieved on

new schemes”.

A FIRST FOR

Lymington?

SETTING

the pace

NEWS

IN BRIEF

London

Clancy have let two buildings at Quadrangle Park, Southampton;

one of 9,500

sq.ft.

to Redlux Ltd, who provide non-contact 3d metrology

and a 23,000 sq. ft. R&D high office content building let to Lumenisity

Ltd, who have evolved out of the University of Southampton providing

advanced fibre optic cable solutions.

Stirley House

Alpha Park