South Coast Metropole South Coast Metropole - King Sturge

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King Sturge: South Coast Metrolpole 2008 T K Maxx, part of the £8.5 billion US operation TJX Companies Inc, have relocated into the building, following a surrender by Woolworth and their lease to UBS Triton Property Fund ten years before expiring. Southampton has fallen from seventh to thirteenth place in the ranking of shopping destinations in the UK (Source: Experian). This is more to do with new schemes coming on stream in other major centres such as Cardiff and Newcastle than a fall in the quality of the retail offer. However, new schemes planned in Portsmouth and Bristol mean the competition is increasing and Southampton does need to continually upgrade its retail offer to stay competitive. Portsmouth and Gosport Industrial Office Retail Prime rent £83.42m 2 £204.52m 2 £1,991.34m 2 Prime yield 6.50% 6.50% 5.50% Prospects ✓✓ ✓ ✓✓ Portsmouth Industrial Office Retail Prime rent £73.35m 2 £129.17m 2 £538.20m 2 Prime yield 7.00% 7.25% 6.00% Prospects ✓✓ ✓ ✓✓ Gosport Issues Highcross have completed the dramatic refurbishment of 1000 Lakeside, part of the former IBM premises at North Harbour, Portsmouth. The £13.8 million improvements include a new fullheight glazed atrium fronting 25,548 m² of office accommodation. The scheme adjoins J12 of the M27 motorway and sits on a 40.87 hectare office campus adjoining IBM’s retained UK headquarters. The building provides 1000 car spaces with 6,689 m² floorplates, with Regus taking an initial 1,858 m² at £182.99 per m². Core Capital have acquired the former residential facility for oncology patients in Southampton to provide a new Addiction Clinic. The Manor House Hospital provides 1,672 m² in an 18th-century building and sold for £1.5 million. The 15-bed facility is intended to be the first in a chain to rival the Priory unit in Marchwood. Zurich Building, Portsmouth 38
McAleer & Rushe, the Irish property developers, have acquired Zurich House for £90 million, the prominent 8,361 m² office building in Portsmouth, sitting on a 0.80 hectare site. Zurich were the vendors, following a decision to relocate to Solent Business Park. The purchasers are proposing a new Jury’s Inn Hotel, together with an office and residential scheme. The developer carried out a similar scheme in Southampton with the same hotel operator, where it is yet to let the office element. Raymarine headquarters, Portsmouth A review of naval dockyards in 2007 included Portsmouth on a list of potential closures. The dock is now safe following a decision to build two new aircraft carriers at a cost of £3.9 billion. This follows news that VT is to merge its shipbuilding operations with BAE Systems, who will take a 55% stake in the new vehicle. The new carriers, HMS Queen Elizabeth and HMS Prince of Wales will be in service by 2016. Portsmouth Naval Docks will contribute towards the project ahead of final assembly and commissioning in Scotland. VT are expected to sell their 45% share after 2010 to concentrate on their business support services. Portsmouth is celebrating the 11,613 m² relocation of the marine electronics firm Raymarine to Durngate Property Group’s 1.66 hectare site north of the city. The building is under construction on the site of the former Johnson & Johnson factory, and follows on from the first phase of this SEEDA-instigated development. Adjoining occupiers include Highbury College, Sheffield Insulation and Trade Depot. The long-awaited redevelopment of the Tricorn Centre by Centros Miller is almost ready to start, subject to the completion of the final compulsory purchase order. The £350 million scheme will provide a total of 92,900 m² to be known as Northern Quarter. John Lewis will anchor the scheme with a 20,438 m² store, relocating from their existing store in Southsea. Marks & Spencer have also taken 7,432 m², providing the development with a guarantee of success. Traditionally Portsmouth shoppers have been very loyal to their own retailers, and the scheme, when completed in 2012, will provide a serious regional rival to Hammerson’s West Quay Shopping Centre in Southampton. As well as 80 retail shops, the Northern Quarter includes a 150-bed four-star hotel and 200 apartments. The long-running saga of where Portsmouth City Football Club finally relocate to is set to run for a while longer. A proposal by Sellar Property Group to develop a site adjoining the naval docks on land to be reclaimed has received a mixed reaction. Curiously, one major stumbling block would be where to relocate HMS Warrior, the navy’s first iron warship, which would sit alongside the new scheme. Other sites under consideration include land at the entrance to the city, adjoining the M275 39
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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
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Page 60: LOCATIONS UK England • Scotland

South Coast Metropole South Coast Metropole - King Sturge

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