Portsmouth: Wellman Defence in pre-let deal
Portsmouth’s commercial property market has had a strong start to 2007 with Slough Estates International agreeing a 36,000 sq ft pre-let deal with Wellman Defence.
The Portsmouth-based company has agreed terms for a new state-of-the-art facility at Slough Estates’ 5.6-acre Merlin Park at Airport Service Road. The company will relocate to the site from its existing premises nearby.
Wellman Defence, which has been based in Portsmouth for more than 30 years, is a leading supplier of atmosphere management systems for submarines and surface ships. Its innovative air purification equipment allows submarines to maintain a breathable atmosphere for several months at sea.
The company has agreed a 25-year lease with Slough Estates, with no breaks and at an initial rent equating to £7.75 per sq ft, with three months rent-free.
Slough Estates has been working with Chichester based architects, HNW on the design of the new building and detailed plans have been submitted to Portsmouth City Council, with a view to starting work on the site in April.
Mike Wilson, regional director at Slough Estates, said: “This £5m development demonstrates Slough Estates and Wellman Defence’s considerable commitment to the Portsmouth economy. Wellman is one of our existing valued clients and we are very pleased to be able to assist them in developing their business in a state of the art new facility."
Steve Cassidy, managing director of Wellman Defence, added: “We wanted to move from our existing premises to a building that is not just high quality, but one which better reflects the innovative and cutting edge work that we do. The location is also ideal because it is close to our existing premises and as we have been based in Portsmouth for a number of years, this move demonstrates our long-term commitment to the city.”
The new building will be in a prominent position at Merlin Park, with two storey offices fronting a full height production, storage and research and development area. The fast track build programme, which will be carried out by Wates Construction, aims to complete the premises by September this year.
The joint agents for Merlin Park are Lambert Smith Hampton and Vail Williams.
