Lambert Smith Hampton (LSH) acted for Kier Property on the acquisition of a six-acre site at Houndmills Industrial Estate from HM Publishers Holding.
Subject to planning approval, the large warehouse, substantial five-storey office block and additional single-storey office accommodation on the 1960s site will be demolished by Kier Property. It will be replaced by three new high-quality industrial units comprising around 108,000 sq ft of much-needed new stock for the local occupier market. LSH will market the new units as joint letting agent with Hollis Hockley.
Planning approval is anticipated in mid-April, with the site’s current owner occupier relocating to Chineham in June. Construction is expected to commence later in the summer, with practical completion in August 2017. Units A and B will provide 36,059 sq ft and 49,514 sq ft of new space respectively, with a 10-metre eaves height, and unit C will deliver 22,604 sq ft, with an eight-metre eaves height. All units will include 50kN/sq m of floor loading, secure yard space, and dock level and level access loading doors.
Adrian Whitfield, director of industrial and logistics for LSH Southampton office, explained: “With a fundamental shortage of good-quality industrial stock in the marketplace at present, this development will provide much-needed space for local occupiers. We have already received expressions of interest from businesses currently based in Basingstoke, Reading, Andover, Blackwater Valley and further down the M3 to Winchester and Southampton, and we would expect this interest to increase."
George Shepherd, senior development manager at Kier Property, described the purchase as “a great opportunity for all parties involved”.
Elsewhere on the industrial estate are a number of existing major occupiers, including Sainsbury's, GAME UK, Debenhams and Plumbase.