Acting on behalf of Hampshire County Council (HCC), national commercial property consultancy, Lambert Smith Hampton (LSH), has secured a new tenant for warehouse space on Mitchell Close, a multi-let industrial estate at Segensworth East, Fareham.
Unit 1, totalling 5,000 sq ft, has been let on a new 10 year lease to Pinnell & Bax Ltd, a chandlery business and distributor of sailing equipment and accessories throughout the UK. The company’s acquisition of this new industrial space will mark the launch of a new South Coast operation for the business.
Andrew Farrer, Surveyor in LSH’s South Coast Agency team, commented: “Mitchell Close provides Pinnell & Bax with a strong base from which to launch its South Coast operation. Segensworth offers quick access to junction 9 of the M27, which is ideal not just for the online distribution side of the business, but also because it is positioned between Portsmouth and Southampton to attract trade from both sides of the region.”
Andrew added: “We were able to achieve the quoting headline rent of £6.50 per sq ft on the deal, highlighting that the lack of new stock coming to the market is allowing quality existing buildings to hold their rental value.”
Mitchell Close is seeing a flurry of letting activity at the moment, with units 10, 15, 17, 19 and 23 now either let or exchanged. This leaves units of 1,000 – 2,250 sq ft available on the estate.