Subject to planning approval, the 1960’s industrial site at Houndmills Industrial Estate, which contains a large warehouse, a substantial five storey office block and additional single storey office accommodation, is set to be demolished by Kier Property and replaced by three new high quality industrial units comprising around 108,000 sq ft of much needed new stock for the local occupier market.
Lambert Smith Hampton, which acted for Kier Property on the acquisition of the site from HM Publishers Holding Ltd, has now been instructed to market the speculative development of the three proposed units, which are anticipated to strongly appeal to both warehouse, showroom and manufacturing occupiers.
Planning approval is anticipated in mid-April, with the site’s current owner occupier relocating to Chineham in June. Construction is then expected to commence in summer 2016, with practical completion in August 2017. The quoting rental term is £9.95 per sq ft and freehold sale term £170.00 per sq ft. Units A and B will provide 36,059 sq ft and 49,514 sq ft of new space respectively with a 10 metre eaves height and unit C will deliver 22,604 sq ft, with an eight metre eaves height. All units will include 50kN/sq m of floor loading, secure yard space, and dock level and level access loading doors.
Adrian Whitfield, director of industrial and logistics for Lambert Smith Hampton’s Southampton office explains: “With a fundamental shortage of good quality industrial stock in the marketplace at present, this development will provide much needed space for local occupiers. We have already received expressions of interest from businesses currently based in Basingstoke, Reading, Andover, Blackwater Valley and further down the M3 to Winchester and Southampton, and we would expect this interest to only increase as we aim towards securing planning approval in April. Basingstoke is a major centre for commerce and industry and Houndmills Industrial Estate is a well-established site, with a number of existing major occupiers, including Sainsbury’s, GAME UK, Debenhams and Plumbase.”
George Shepherd, senior development manager at Kier Property, describes the purchase as “a great opportunity for all parties involved. Basingstoke has a complete lack of stock for grade A warehouses and we expect all units to be let or sold prior to practical completion”.
Lambert Smith Hampton is acting as joint letting agent with Hollis Hockley.