New developments are fuelling interest in the commercial property market in Hampshire with agents expecting strong demand for the units.
Construction of Oceanic Estates’ new business park at Adanac Park in Nursling, Southampton is well underway. The letting agents Keygrove Chartered Surveyors and Lambert Smith Hampton are offering 17 new business units to lease ranging from 3,434 – 76,985 sq ft and already have terms agreed on a number of units.
Andrew Archibald of Keygrove says: “This is a really exciting development as there have not been any new business units built in the Southampton region for many years and so we are expecting strong demand. Adanac North is particularly special being well-located at Junction 1 of the M271.”
Dan Rawlings of Lambert Smith Hampton added: “There is still an opportunity for potential tenants to have an input into the internal layout and the new units should be ready for occupation in May 2020.”
Oceanic Estates’ Harry Hutchinson explained that with Phase 1 under construction there are a number of future phases planned on the remainder of this 40 acre site. He said they can also offer bespoke new buildings designed to suit individual tenants on future development phases.
There has certainly been strong interest from tenants looking for units to rent in the county. Analysis of Boxpod data comparing the last 12 months with the previous year shows a 41% increase in enquiries for commercial units to rent in Southampton. In Portsmouth the figure rose by 21%.
Enquiries for industrial units soared by 230% while retail property views doubled.
GDP growth seems to be slowing everywhere across the world but Keygrove remains positive as the Southampton market is still buoyant due to historically low stock levels, particularly for freehold property, and interest rates are also very low.
Andrew Archibald of Keygrove says: “The office market is ever-changing with remote working and shorter leases giving tenants more flexibility. Secondary and neighbourhood shopping streets are still busy and we only have a few retail shops available to let. On another positive note we are dealing with a number of new build developments in the office, industrial, retail and healthcare markets. Construction is underway for a major new business park at Adanac Park; we have new commercial units due to be built in Hythe; and planning permission is expected to be granted in the near future for a new care home and Lidl supermarket close to the M271 at Nursling. We are confident that businesses will continue to be drawn to the area and more jobs will be created.”
The property questions following Brexit will no doubt focus on reinvigorating the high street, restructuring business rates, introducing an ‘on line sales tax’ and helping people own their own homes. Brexit first!