LaSalle Investment Management were delighted to complete the letting on the final unit at South Central, Southampton. The transaction sees Hermes take on 118,257 ft2 at the speculatively built 3-unit scheme to join existing occupiers CCF and John Lewis. The letting is the largest of a Grade A building on the South Coast this year and puts further pressure on a tight supply of available buildings in a market which is continuing to witness record levels of take up.
Edd Fitch, Director of Asset Management at LaSalle Investment Management said: “It is great news to be welcoming Hermes to South Central, completing a very strong occupier line up. The South Coast market has been a real area of growth over the past five years and we are pleased to have been able to contribute to that by delivering a series of Grade A developments both here and across the M27 Corridor in Havant and Waterlooville.”
The move represents an expansion in the Southampton area for Hermes who will move from their current base in Hedge End and will also create 100 local jobs.
Deborah Faithfull, Estates Manager at Hermes said: “The expansion to South Central was crucial to fulfil Hermes’ current and projected growth whilst boosting the local economic output in creating 100 more jobs as we head into our busiest time of the year.”
National property consultancy firms CBRE and Lambert Smith Hampton advised on the transaction.
Nick Tutton, Senior Director at CBRE said: “The letting demonstrates the real strength in the industrial market and we are delighted to have been involved in getting South Central to full occupancy.”
Joint agent Lambert Smith Hampton also acted for Hermes and Dan Rawlings, Associate Director in Southampton commented: “We are delighted to have completed this transaction on behalf of Hermes and welcome them to South Central. We have an excellent working relationship with Hermes having advised them on a number of deals in recent years and we look forward to continuing that relationship with them in future as they continue with their growth plans.”
“The letting further demonstrates the strength of the industrial market at present and we are delighted to have played our part in securing another fantastic tenant to the South Coast region”.