LaSalle Investment Management has completed the letting on the final unit at South Central, Southampton (pictured). The transaction sees Hermes take on 118,257 sq ft at three-unit scheme to join existing occupiers CCF and John Lewis. The letting is the largest of a Grade A building on the South Coast this year and puts further pressure on a tight supply of available buildings in a market which is continuing to witness record levels of take up.
Director of Asset Management at LaSalle Investment Management, Edd Fitch said: "The South Coast market has been a real area of growth over the past five years and we are pleased to have been able to contribute to that by delivering a series of Grade A developments both here and across the M27 Corridor in Havant and Waterlooville."
For Hermes, relocating the South Coast operations from Hedge End to South Central represents an expansion in the Southampton area; it will also create another 100 jobs in the process.
CBRE and Lambert Smith Hampton, two national property consultancy firms, advised on the transaction.
"The letting demonstrates the real strength in the industrial market," said Senior Director at CBRE, Nick Tutton.
About CBRE Group
Headquartered in Dallas, CBRE Group, Inc. (NYSE: CBRE) is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, property management and development services.
About LaSalle Investment Management
LaSalle Investment Management is a real estate investment management firm and operates in 15 countries and 22 offices worldwide. The firm is an independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL).