South Coast Metropole South Coast Metropole - King Sturge

Office market review
In any property cycle the office sector tends to be
the last to recover and the first fall. To date there
is little sign of any faltering, with strong demand,
record rents and significant pipeline schemes across
the region. The structural shortage of good quality
space in the Metropole region has at last been
recognised by the development sector, and the
rewards are there for those prepared to take some
risk, with occupier demand remaining buoyant.
It took almost all of 2007 for Ordnance Survey
to obtain detailed consent for a new 13,656 m²
headquarters on the Adanac Park site adjacent to
the M271 to the west of the city. Construction of
the infrastructure road is now under way although
it is likely to be mid-2010 before Ordnance Survey
can take occupation. The remainder of Adanac Park
has outline consent for a further 69,676 m² which
with a restrictive covenant restricting any further
development to a large space user. The owners, The
Barker Mill Trust, are seeking a developer partner to
assist them in the marketing of this site through the
latter part of 2008.
Street art, Southampton
Over the past two years we have reported a very
upbeat message on take-up which has increased
year on year since 2005. The five year average of
30,000 m² up to 2005 was exceeded in 2006 by
around 17.5%; 2007 continued the upward trend
with a record year seeing the average annual takeup
increase by 100% above the five-year norm. If
we take into account the two largest pre-lets to
Ordnance Survey and Carnival UK in 2007 a further
30,000 m² can be added to these take up figures.
This would give us a total increase closer to 200%
over the five-year norm.
Carnival UK headquarters, Southampton
Carnival UK’s new Southampton headquarters is
now under construction after receiving planning
in the second quarter of 2007. This 13,656 m²
headquarters building on part of West Quay 3 will
certainly kick-start the look of this area; however,
with the site being adjacent to the new IKEA
store, the location may not be as attractive as first
thought.
The construction of Number One Dorset Street in
Southampton was well under way at the beginning
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