South Coast Metropole South Coast Metropole - King Sturge

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
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