Industrial park The Nelson Centre is to grow further after two large warehouses have been bought and are set for significant investment.
Aviva Investors, which owns the park off Portfield Road, has acquired two additional units in a deal secured by leading South Coast commercial property specialists Lambert Smith Hampton (LSH).
The two vacant units, comprising a total of almost 30,000 sq ft, will now undergo full refurbishment and be available to new occupiers.
The investment builds on the success of the five other units that Aviva already owns and lets following a similar high-quality refurbishment programme. Earlier this year the park achieved full occupancy, with Install Base, Construction Plant Sales, App Wholesale, Cade Roofing Building Services Ltd, and ASV Global all moving to the site.
Jerry Vigus, Director – Capital Markets and Industrial & Logistics at LSH, said: “Portsmouth continues to be a popular place to invest and The Nelson Centre is a prime example of the growing demand for high-quality industrial and logistics premises in the city.
“We’re pleased to have been able to secure this purchase for Aviva Investors and are confident that their commitment to continually invest in the site will ensure this industrial hub goes from strength to strength. The investment is a vote of confidence in the city and will fuel the creation of new jobs.”
Guy Jackson, Director of LSH’s industrial property team and based at the Fareham office, said: “The Nelson Centre is a highly-desirable place for businesses to locate, a point proven by the site achieving new headline rents for the Portsmouth industrial market late last year.
“These two units will be extremely attractive to a range of occupiers, especially with the secure yard and ample parking on offer.”
“With easy access to the M27, A27 and A3, we would expect to see strong demand for these two units once refurbishment has been completed.”
Unit 1 comprises a 16,391 sq ft ground floor warehouse, with a first floor office suite of 2,398 sq ft. The second unit is made up of a 11,200 sq ft warehouse, including ground floor offices.