Realest: A summary of current commercial property activity on the South Coast
Adrian Whitfield MRICS, Industrial & Logistics Director at Realest based on the South Coast M27 Corridor writes:
Quest 271
In Southampton at Quest 271, Nursling, Salmon Property and RLAM 3 unit scheme of 44,400 – 95,645 sq ft has now reached successful practical completion and is ready for immediate occupation, providing the best in Grade A Logistics space on the M27 and close to Port of Southampton. Realest are joint agents with LSH and DTRE.
Also at Nursling, CBRE Investment Management advised by Realest has let nearly 20,000 sq ft to Mack and have completed the full refurbishment of 20,000 sq ft with 60,000 sq ft available in 2025. The nearby Adanac Trade Park, providing 21 high quality units of 1,851-12,594 sq ft will be ready for new tenants in November and Realest were recently appointed to act with LSH and Keygrove.
There is no new pipeline development after this in Southampton.
Following Oxenwood fully letting on build completion of Power Park in Eastleigh, NFU Mutual`s Penta Industrial Park, Southampton 4 unit scheme of 14,125-36,708 sq ft is now 50% let. London Metric has commenced full refurbishment of 30,000 sq ft at Unit 2 Airways, off J5, M27. Realest are joint agents with LSH.
In Fareham, Kingsbridge Estates has commenced on site at Ferne Park a new 3 unit scheme. In addition, following the 26 acre Eaton site acquisition, Graftongate are proposing a 4 unit 536,690 sq ft development funded by RLIM.
In Portsmouth, at Phase 1 Langstone Park, 2 of the 4 units are already let. XLB Property are already planning Phase 2. The Wrenbridge & Fiera Real Estate Sonar development is nearing completion of 7 brand new industrial/logistics units (5,479-35,220 sq ft). Canmoor has purchased the Dunham Bush 4.16 acre site in Havant and is proposing a 101,000 sq ft development. Portsmouth City Council Dunsbury Park development has proved successful with lettings to Inchape and Percussion Play. Realest are acting for Columbia Threadneedle with Savills on Alpha, Waterlooville a 50,375 sq ft refurbishment due to complete May 2025.
In Basingstoke, ground works are complete ready to commence Tungsten Park, a 2 unit new development (23,275 & 100,555 sq ft). Realest are acting for Tungsten with BNP Paribas. At GLP G-Park, a single detached unit of 209,461sq ft is now fully available. Cladding is on at Marchmont Intec Business Park (24,022-87,366 sq ft) and Panattoni has VPARK 39 and 77 available.
In Poole/Bournemouth following significant lettings by Northwood Investors at Bedrock Park and Rigby Estates at Bournemouth International Airport, Kingsbridge Estates has submitted planning for a 105,656 sq ft Pre-Let. Realest has advised and is acquiring for the new tenant.
This only provides a summary of current activity and despite a number of challenges for institutional funds, property companies, landlords and occupiers alike, the South Coast in general provides an excellent, robust, established Industrial & Logistics market one in which I have personally operated in for over 35 years and would be pleased to discuss in more detail with you if required.
You can see all of the commercial property listed by Realest on NovaLoca here.
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