Kingsbridge Estates and Bridges Fund Management have acquired a prominent 16.5-acre site on New Lane, Havant, Hampshire.
The site comprises close to 300,000 sq. ft. of manufacturing and distribution space and is in an established employment location within 1.25 miles of the A27 and 2.5 miles of the A3(M). The partners are working on plans for a comprehensive redevelopment of the site, with a view to delivering a high-quality industrial and logistics scheme that will support economic growth in the region.
The proposed new scheme will be highly sustainable – with a target BREEAM rating of ‘Excellent’ – and has the potential to create a significant number of additional local jobs. A planning application will be submitted early in the new year.
The site was acquired from John Wyeth & Brother Limited (a subsidiary of pharmaceutical company Pfizer) who will remain in occupation under a short-term lease whilst they complete the relocation of their operations.
Kimmre and Lambert Smith Hampton represented Kingsbridge and Bridges, while CBRE represented the vendor.
Chris Fry, Chief Executive of Kingsbridge Estates commented: “This is a key employment site in the region and we look forward to continuing to work with Havant Borough Council and local stakeholders to bring forward a scheme. Our plans, which will be shared shortly for public comment, will demonstrate our ambition to help meet local demand for high quality industrial and logistics space.
“We see this investment as complementary to other regeneration projects that are being undertaken in Havant. The site benefits from being located in close proximity to a potential workforce, and we will be proactively working with the Council and training establishments to encourage local people to become involved in the construction phases of the development through our Employment and Skills Plan.
“We are delighted to be working with Bridges Fund Management: as an impact-driven investor, Bridges is at the forefront of sustainable development in the UK and its ethos is closely aligned with our own values and objectives.”
Henry Pepper, Investment Director at Bridges Fund Management, said: “Across the UK, we’ve seen growing demand for industrial and logistics space as business adapts to changing consumer habits.
“We’ve also seen from our own extensive experience of redeveloping industrial sites that a focus on sustainability not only minimises environmental impact; it also benefits tenants directly via reduced costs and improved wellbeing. So we’re excited to partner with Kingsbridge for this important project in Havant. We believe our new scheme will be well-placed to respond to the increased demand, thereby supporting local economic growth and job creation.”