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A new office development is soon to be constructed just north of Romsey as Firecrest Group has purchased a development site at Timsbury near Romsey known as The Grange that was being marketed by London Clancy.

Peter Wesley, Director of Firecrest, says “We are really excited by this development as it will provide 5 self-contained high quality office buildings ranging from 1,500 - 5500 sq ft and these could be combined for larger officer occupiers. The new offices will have all air conditioning, broadband and plenty of car parking. Construction is to commence in June with completion anticipated by early 2020.”

David Heda, Head of Agency at London Clancy’s Southampton office said “the scheme will provide much needed supply to the area as companies have struggled to find new offices to locate to around the Romsey/Winchester/Southampton area. The Grange is well connected, being only 3 miles from Romsey, 6 miles from the M271, 8 miles from the M3 and 15 miles from the A34”.

The first part of The Grange was developed in 2007 and attracted many office occupiers including Thrive Architects, Sherlock Architecture, Wessex Translation, Mayhew Callum Ltd, Cube Financial Planning, Reside and the Hampshire Police Federation.

London Clancy acted on behalf of the private owner in the sale of the site and have been appointed as joint letting agents with Keygrove Chartered Surveyors to market the new office buildings.

London Clancy has sold the freehold interest in a part vacant part let retail parade with offices above.

The parade consisted of four shops with the largest shop being a former restaurant premises with vacant possession.  The first floor provided vacant office accommodation extending to approx.3313 sq ft (307.78 sq m).

The investment has been purchased by a consortium of individual investors who have secured locally based Surefix Limited, a conservatory and double glazing company, who intend to immediately occupy the former vacant shop/restaurant premises as a showroom and utilise the offices above for their administration headquarters.

London Clancy acted on behalf of private investors.

For further details please contact:

David Heda
02380 330442
davidheda@londonclancy.co.uk

London Clancy have recently disposed of the freehold interest of 4 The Glenmore Centre, Cable Street, Northam, Southampton for £220,000.

Dynamic Electrical Solutions Ltd have purchased the unit for the continued growth of their business.

The building comprises of a ground floor storage/industrial area with first floor office space.

London Clancy acted on behalf of a private investor.

Ellis Sims at London Clancy commented "we were very pleased to have achieved the disposal of the freehold in such a short time frame minimising any void costs for our client".

For further details please contact:
Ellis Sims
02380 330442
ellissims@londonclancy.co.uk

On behalf of our client, London Clancy have successfully sold Unit 21 Campbell Court.  

The property, which is a mid-terraced unit of 8, was sold to owner occupier, architectural ironmongers Irontree Solutions Ltd, following their decision to relocate from rented accommodation in nearby Sherborne St John. 

The unit is a total of 1,983 sq ft, and contains a mix of offices and storage area, which has proven popular within the estate.  

Following a successful marketing campaign, the property was sold in March 2019. 

After this successful transaction London Clancy, have received instructions to proceed with the marketing of an additional two units on the estate.

Campbell Court remains a popular out-of-town business park, that is well situated between Basingstoke (M3) and Reading (M4). 

For further information and for more details on the remaining units please click on the link below:  

http://londonclancy.com/

Commercial Property Review 2018

At London Clancy’s recent New Year’s Reception, where over 80 delegates, investors, developers  and professionals attended  David Heda Head of Agency at London Clancy’s Southampton office gave a positive outlook to the current level of activity in the industrial, warehouse and office market across the south coast reviewing the 2018 take up. 

David Heda commented

‘The big shed market has performed well over 2018 both nationally and regionally’.

Nationally, it has been reported that take-up of industrial & logistics space (units of 100,000 sq ft +)  hit 16.4 million sq ft in the first half of 2018, a 25% increase on last year’s figure with demand again being underpinned by online retail activity with occupiers in the sector accounting for 28% of all transactions.

There has also been a good level of industrial take up in all locations across the M27 corridor.

On major new industrial developments Eastleigh and Chandlers Ford continues to demonstrate its key strategic importance as a location with strong occupier take up.

Paul Davies Freight has taken 40000 sq ft at newly completed unit 4 Reliant Close Chandler Ford at a reported rental of £9.67 sq ft and Charles Kendall have taken 45000 sq ft at Alpha Park Chandlers Ford Industrial Estate.

At Mountpark Eastleigh on phase 2, out of 4 units built only two remain available. American company PFS Web has taken 107500 sq ft as a fulfilment centre to serve their Heineken contract. PFS Web provides ecommerce and multichannel outsourcing solutions for global consumer brands, online retailers and branded manufacturers. 

Matthew Clark has signed for the 67500 sq ft unit relocating from Hedge End.

At Hedge End off Junction 7 DFC Freight have taken a new unit of 24760 sq ft at Hamilton Business Park.

Likewise on Nursling industrial estate take up has been strong where Union Mart Ltd, a leading UK supplier of pressure washers  have taken a 16,500 sq ft unit, Young Transport  have taken 10 Oriana Way, a 61,000 sq ft unit and Gregory Distribution one of the largest privately owned transport companies in the UK, has taken 62,000 sq ft. to serve its contract with Hovis Bakeries.

SME’s continue to find it difficult to find alternative space however there has been some take up with industrial valve manufacturer Warren Morrison taking 8,000 sq ft at Tower Industrial  Estate, Eastleigh and  vending machine supplier Selecta UK Ltd taking  7,500 sq ft at unit 2.

Employment land remains acutely in short supply evidenced by the recent purchase by Kier Group of 3 acres of land at Solent Business Park Whitely for their  logistic city brand  reported to be at a price of circa £950000 per acre, the scheme will accommodate occupiers looking to lease units, from 10,000 sq ft to 60,000 sq ft.

At Adanac Park Oceanic Estates have established a planning consent for up to 400000 sq ft of B1 industrial space although were unable to secure  B8 warehouse consent from Test Valley Borough Council.

Oceanic also have under construction their 31881 sq ft warehouse  at Centenury Quay Woolston which benefits from deep water access.

At Chalcroft Business Park Burnett’s Lane Hedge End/Horton Heath our client’s   have submitted a full planning application for a small unit scheme of 28000 sq ft and two larger units of 20000 and 25000 sq ft.

Industrial investment yields remain keen evidenced by the recent disposal of The Quadrangle Romsey a multi let industrial estate of 125000 sq ft which has been purchased by CBRE Global Investors on behalf of Hampshire County Council after a competitive bidding round reflecting a yield in the region of 4.5%

Threadneedle have purchased the freehold of Avalon warehouse complex, Parham Drive, Eastleigh providing approximately 110000 sq. ft. of space being offered on a new lease.

M&G  Real Estate, have purchased phase 1 of the Mountpark scheme at Eastleigh let to Coopervision, Berensden and Paul Murray Cosmetics.

T.H Real Estate have acquired from Legal and General the 125,255 sq ft unit at Hounsdown Business Park, renamed Optima 125 which is now fully refurbished.

On offices, take up has been more encouraging over the first half of the year particularly in the city centre.

There has been more emphasis now on shared working facilities with a major new shared working facilities coming to the city centre at the start of year include Network a 12,500 sq ft of office space in the Marlands Shopping Centre aimed at digital and creative companies.

 A new shared work space on Southampton’s High Street, offers 11,000 sq ft of co-working and office space..

On general take up there has been a 20% decrease in take up over 5,000 sq ft with approx. 50000 sq ft transacted last year, compared to just over 60,000 sq ft in 2017.

Good news story is the fully refurbished White Building of 50000 sq ft  in Cumberland Place which is now virtually fully let.

MOSL has taken on a 4,825 sq ft office suite and joins an impressive list of tenants, including James Cowper, , Foot Anstey, Regis Bentley, Novum Law, Blue Arrow, Manpower and Barton Willmore.

The largest city centre transaction was the letting to Norwegian Cruise Line taking  17,263 sq ft at Mountbatten House.

A number of buildings are coming back into the market refurbished including;

1 Dorset Street –                             - 14700 sq ft

Imperial House Kings Park Road  – 7900 sq ft  

Oceana Commercial Road      –       21500 sq ft

11 The Avenue                         -         13400 sq ft  

With headline rents now ranging from £20-£22.50 sq ft