A lack of high-grade office space in the M27 Corridor is set to drive occupier enquiries for the only speculative building of its kind in south Hampshire.
Regional commercial property developer City Estates has acquired the freehold to the 23,560 sq ft (2,189 sq m) new property at Botleigh Grange Office Campus, Hedge End, near Southampton, in a joint venture with Helical Bar plc.
The vacant building, formerly known as Phoenix House and built in 2008, was recently bought for an undisclosed price.
Now called The Pavilion, following a renaming competition, the building is set for a new lease of life.
Nix Cox of real estate adviser Hughes Ellard, which has offices in Southampton and Fareham, is marketing the property on behalf of the new landlord. Vail Williams acted for the private seller and will also be retained to market the property.
Nik said: “These are superb offices, speculatively built, and we anticipate keen interest from various businesses with relocation and/or expansion requirements because there is simply not enough Grade A office space available generally.
“Demand is out there, as shown by the fact that 350,000 sq ft (32,516 sq m) of office transactions were recorded in the first nine months of 2011 in the Solent Corridor in Hampshire, 100,000 sq ft (9,290 sq m) more than the annual average.”
He added: “The property, with its impressive central double-height reception and service core, allows for a single occupant or the ground and first floors could be divided up to suit up to four individual tenants.
“Reasons to settle here are compelling – the campus attracts high-calibre companies because of the excellent standard of Grade A accommodation, the landscaped setting and the proximity of the M27 motorway (junction 7).”
The quoting rent is £18.75 per square foot.
Tim Titheridge, who owns City Estates with fellow director Andy Goodridge, said: “The Pavilion had been on our acquisition radar for some time, and the right opportunity presented itself.
“With the help of Nik and his colleagues at Hughes Ellard, we expect to see renewed interest from companies keen to move into this statement headquarter building amid increasing demand but dwindling supply.”
Other occupiers at Botleigh Grange Office Campus, which is marketed by Hughes Ellard, include heating specialist group GDG, Zurich Insurance, market research specialist eDigtalResearch, contractor Leadbitter, State Securities, which provides asset finance solutions for businesses, legal firm Clarke Willmott and Gleeds, the international management and construction consultants.
Amenities at The Pavilion include suspended ceilings, incorporating recessed LG7 lighting, an eight-person passenger lift, comfort cooling and heating, WCs and shower facilities on each floor, plus fully accessible raised floors.
Externally the property benefits from 95 car spaces, including disabled parking spaces, within landscaped surroundings.
The campus is set in the extensive parkland of Botleigh Grange with on-site facilities including a 56-bed hotel and conference centre with a spa, pool, gym and restaurant.