Federated Hermes has agreed terms with Parceljet Technology Limited, a third-party logistics company, for the 10-year lease of Unit 310 at Fareham Reach Business Park. The building will be used by Parceljet for storage and distribution to enable the company to meet growing demand for its services.
Located in a 28,802 sq ft (2,675.71 sq m) end-of-terrace building, the unit includes warehousing with dock level loading doors and PIR LED lighting, Grade A office space, forecourt loading area and ample car parking, on a gated site. The premises were recently refurbished to a high specification, including a new insulated profile roof. Existing occupiers at the business park include Travis Perkins, CPG Logistics, Capstone Green Energy and Fraser Freight.
Fareham Reach Business Park provides a range of modern, purpose-built warehouse and industrial units and offices with excellent connectivity to the national road and rail network. Fareham Reach is an established commercial area within just one mile of Fareham Town Centre. It is strategically located between Southampton and Portsmouth and minutes away from Junction 11 of the M27, the principal motorway servicing the south coast region. The location offers good transport links with direct trains to London from Fareham Central Train Station.
Stephen Ellis, Senior Investment Manager at Federated Hermes, said: “We’re pleased to welcome Parceljet to Fareham Reach Business Park, which further strengthens the fantastic tenant mix on the estate. We have invested in refurbishing the park to the highest standards to align with the needs of companies operating in fast-growing industries, including industrial and logistics. This letting is testament to that commitment, providing Parceljet the rare opportunity to find premises with dock level loading, as well as the location and facilities to support its growth ambitions in the region and further afield.”
Elise Evans, Director – Industrial & Logistics at Lambert Smith Hampton, which represented Federated Hermes in the deal, commented: “The industrial and logistics market continues to go from strength to strength and there remains a lack of good quality stock in the region. We anticipate with rising energy costs that tenants will prioritise improving energy efficiency. The landlords at Fareham Reach continue to invest in the units including replacing the roofs and enhancing the specification of the space supporting occupiers ESG moving up the agenda.”