Record-breaking year as South Coast industrial market booms
A bumper year for industrial growth has seen the South Coast team of Lambert Smith Hampton (LSH) handle more than 1.5m sq ft of industrial real estate transactions.
LSH’s industrial property team have handled more than 50 per cent of industrial space transactions in the region and been at the forefront of a resurgence in speculative development and new prime warehouses.
The team, based in Fareham and Southampton, have secured a number of key industrial developments along the M27 corridor that bring a significant economic and jobs boost, including transacting 160,000 sq ft at Nursling, 125,000 sq ft at Hounsdown, 100,000 sq ft at Chandler’s Ford and 71,040 sq ft in Fareham.
Highlights have included global freight operator Charles Kendall taking up a 45,000 sq ft unit at the £20m Alpha Park development at Chandler’s Ford Industrial Estate, and John Lewis Partnership taking up a 46,080 sq ft regional distribution centre at the £30m South Central development in Southampton. Other 2018 highlights have included VW Breeze taking a pre-let unit at Dunsbury Business Park, in Havant, and industrial equipment supplier Scott Cables relocating its business to the £10m Merlin Park development in Portsmouth.
The team have also been instrumental in securing occupiers for a number of smaller SME schemes that will help grow the regional economy, including bringing the 75-unit Glenmore Business Park in Chichester to almost full occupancy.
Key LSH clients investing in the region have included CBRE Global Investors, Legal & General, Store Property, Bericote and Aviva Investors.
Adrian Whitfield, Industrial and Logistics Director for the South Coast team of LSH, said: “It’s been a hugely successful year for our team and that is certainly reflected in the figures. Over one and a half million sq ft of industrial space transacted so far in 2018 is a phenomenal amount, we are expecting a record year and this demonstrates the knowledge and expertise of our dynamic team who know the market better than anyone. It’s been a pleasure to collaborate with our clients and work to deliver successful industrial development that will bring a wealth of new jobs to the South Coast. Uncertainty over Brexit has certainly not had an impact so far, with the industrial sector booming on the South Coast as developers continue to build speculatively. Excellent transport infrastructure over land, sea and air in the region, combined with growth of online businesses seeking high-quality distribution hubs, are key drivers in the market. As we look forward to celebrating a record 2018, it’s gearing up to be a busy and intriguing 2019.”