The South Coast Industrial & Logistics team at national commercial property consultancy, Lambert Smith Hampton (LSH), has been awarded a major warehouse instruction in Eastleigh alongside the Southampton and Portsmouth offices of Vail Williams.
F&C REIT Asset Management has instructed the two teams to take to the market Stoke Park on Tower Lane in Eastleigh – a 84,160 sq ft high specification warehouse built in 2005. Formerly occupied by Russ Berrie, the building is already fully racked, with 7,000 pallet spaces, an integral sprinkler system and an automated ‘pick and pack’ area.
Adrian Whitfield, Director in LSH’s South Coast team, commented: “This is the only quality unit of its size currently available in this area, and the fact that it is immediately available and fitted-out with racking providing 7,000 pallet positions is going to attract a large amount of interest. The shortage of large, quality units on the South Coast has been well documented, and Stoke Park fills a void with large industrial and logistics occupiers that are looking to relocate to or within the area.”
Philip Holmes, Associate at Vail Williams, added: “A new lease on the property is being quoted at a rent of £7 per sq ft which, in the current climate, is a competitive quoting rent. It reflects both the shortage of deliverable high specification buildings in the M27 region, and the owner’s desire to secure a letting as soon as possible.”