Agency Services - Fareham Industrial Estate
Following the departure of the Co-operative Group from the estate in 2011, over 100,000 sq. ft. became vacant, creating a large rental void. Hellier Langston were instructed to provide advice and market the vacant space, a significant challenge in a difficult market.
The Requirement
The main part of the accommodation of units 13-19, totalled 100,469 sq. ft. (9,330 sq. m.) and was no longer deemed attractive to a single occupier given the layout and also the dearth of enquiries of that size.
The Solution
In conjunction with our joint agents, a comprehensive marketing campaign was launched including a complete rebrand of the estate, which demonstrated the flexibility of the vacant space and the ability to offer units from 13,000 sq. ft. up to 100,000 sq. ft.
With Hellier Langston’s extensive knowledge of the regional industrial market, we were aware of a number of large occupiers with pending lease events, which could trigger a desire to relocate. City Link, the parcel distribution company had been identified at an early stage as an ideal tenant for Fareham Industrial Park, allowing them the opportunity to consolidate two existing facilities on the South Coast.
The Outcome
Terms were agreed with City Link on units 14-16, 61,986 sq. ft. (5,759 sq. m.) with the letting completed in May 2013. City Link committed to a ten year lease with a five year break option at a headline rent of £5.65 per sq ft. Standard Life were delighted the deal, which represented one of the most significant industrial lettings on the South Coast for a number years and dramatically reduced the void on Fareham Industrial Park.
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Fareham Office
Hellier Langston
Ground Floor
E1 Fareham Heights
Standard Way
Fareham
Hampshire
PO16 8XT
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Hellier Langston
Enterprise House
Ocean Village
Southampton
SO14 3XB