It has been a busy start to the year in the Portsmouth industrial market in spite of Brexit uncertainty. Property consultancy CBRE, and joint agents Lambert Smith Hampton announce the letting of 20,772 sq ft at Merlin Park on Airport Service Road. The letting takes the largest unit of the Grade A speculatively built scheme by national developer Canmoor off the market.
Commenting on the transaction, Guy Leslie, Asset Manager at Canmoor said:
“It shows the strength of the South Coast market that large companies are being attracted to the estate from the north of the country. The letting of the largest unit at Merlin Park is a great way to generate further interest in the scheme and we are looking forward to continuing our conversations with potential occupiers”.
Moving into the unit is Belgrade Insulations, a specialist distributor of insulation and drywall systems headquartered in York. The Portsmouth branch is the company’s first venture into the south and Branch Director Andrew Khan is pleased with the move adding:
“The 10m eaves height, large external yard and high quality finish provides an excellent location to expand our operations”.
The move demonstrates a resilient market on the South Coast which bodes well going into 2019. Speaking about the deal, Nick Tutton, Director and Head of Industrial Agency, CBRE Southampton said:
“We are very pleased to start the new year by welcoming an established national business to the estate. Attracting an occupier such as Belgrade is a testament to the quality of the estate and we are excited for what promises to be a busy first quarter”.
Also commenting on the deal, Guy Jackson Lambert Smith Hampton Associate Director reflected the positive outlook for the market:
“Merlin Park is a hugely significant development for the region. It is exciting to see such a large brownfield site being brought back into use and now attracting interest from potential occupiers. There remains high demand for good quality industrial and logistics units in the region, and this letting at Merlin Park demonstrates that confidence remains strong.”