South Coast Metropole South Coast Metropole - King Sturge

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King Sturge: South Coast Metrolpole 2008 The extensive refurbishment of the former IBM complex at North Harbour by Highcross has been re-launched as 1000 Lakeside. The building has already seen success with lettings to Regus and Handlesbanken totalling approximately 1,858 m². These transactions represent under 10% of the whole building. This scheme will provide Portsmouth with long-awaited good quality office accommodation, although there is rather a lot of it. In January 2007, on a site adjacent to Zurich’s two existing buildings at Solent Business Park, developers PPG and Bellhammer commenced construction of a new speculative 4,181 m² office building known as “Purple”. By March Zurich had signed a 15-year pre-let. This was particularly satisfying for PPG and Bellhammer as a five-year option in favour of Zurich expired just before they purchased the site from Arlington. The Forum, Solent Business Park Refurbished buildings in the out-of-town market also attracted demand, particularly at Solent Business Park. Greenhills purchased and refurbished the former Digital buildings and have undertaken an extensive refurbishment. When released to the market they secured two lettings very quickly. Interbay Funding took 929 m² on part of the ground floor and The Hampshire Constabulary took 1,672 m² on the second floor with potential to expand into a further 372 m². Both these lettings were on short flexible leases. As well as the notable large leasehold transactions the smaller freehold market has also had a good run. Business Homes started their 14-unit scheme Victory Park on Solent Business Park and before practical completion had sold half the scheme. They achieved prices from £2260 to £2368 m² and currently only have three units remaining. Forum 4, a 4,459 m² building, which forms part of the flagship office development on the south coast undertaken by PRUPIM has offers outstanding. There are also two additional requirements from local occupiers, including Matchtech, of between 3,800 m² and 4,600 m². In January 2007 Hampshire County Council acquired another building in Southampton Road Eastleigh, known as Nueance Global House. This building totalled 2,323 m². The Hampshire PCT entered into a complicated transaction to take 1,858 m² in Omega House, Southampton Road, Eastleigh. This building was formerly occupied by Swatch, who surrendered and vacated their lease on the first three floors, enabling the landlords PRUPIM to refurbish this accommodation to the PCT’s specification. Swatch have already signed their surrender document for later on this year when PRUPIM will refurbish the remaining two floors and the agreement to lease of the whole building will complete to PCT. This refurbishment increased the rent on this building by 50% up to £161.46 m². In the first month of 2008 HSBC signed a new 15 year lease on the new Cavendish & Gloucester development at Southampton International Airport. The record year concluded with the eventual completion of the 3 year Lambert Court – Blake Lapthorn Tarlo Lyons drama. The solicitors eventually completed the acquisition of Lambert Court, the former 5,295 m² Pfizer building at Tollgate Business Park, Chandlers Ford. A proposed new speculative 2,044 m² detached office building at Botleigh Grange is already attracting potential occupiers before a start on site. The building is due to complete before the end of 2008. The Standard Life development at Kingsworthy Court, 18
Winchester, achieved a record rent for the South Coast when Barcardi took Building 2 totalling 1,821 m² on a new 10-year lease. Barcardi paid £140.00 m², an increase of £3.50 from the last transaction on the scheme. In Winchester city centre another high rent was achieved for refurbished accommodation. Business Design Partnership acquired a couple of floors of accommodation above Barclays Bank at a rent of £215.28 m², a record rent for second-hand accommodation in the city. Poole, and Regents Place, the first speculative office building in Bournemouth for over 15 years, is rumoured to be under offer to Bournemouth University. The 4,181 m² Grade A air-conditioned building is due for completion in September 2008. Royal Court Offices, Kingsworthy, Winchester The Winchester market will receive a boost from two refurbished buildings, Winton House and Helmstan House, totalling nearly 1,858 m², currently with strong interest in both. Salisbury also saw some of the action with one of the most notable transaction in the city’s recent history. Trethowans Solicitors have taken 1,997 m² in Building 1, Salisbury Office Park, leaving 1,208 m² available. Further to the west, the early signs for 2008 show that the occupier market is still relatively strong. Barclays Bank are still seeking over 9,290 m² in 19
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Page 35 and 36: Plans to redevelop the 12.54 hectar
Page 37 and 38: End, Southampton. Custom TV Ltd hav
Page 39 and 40: Grade A office accommodation in Oce
Page 41 and 42: McAleer & Rushe, the Irish property
Page 43 and 44: Rok have completed a £1 million mi
Page 45 and 46: Birchmere have let Building D.22 at
Page 47 and 48: Other commercial sectors Fareham In
Page 49 and 50: Dutton Gregory have taken the third
Page 51 and 52: to Her Majesty’s Court Service (H
Page 53 and 54: Isle of Wight Industrial Office Ret
Page 55 and 56: Weymouth Industrial Office Retail P
Page 57 and 58: Notes 55
Page 60: LOCATIONS UK England • Scotland

South Coast Metropole South Coast Metropole - King Sturge

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