Canmoor Developments Limited and Cordea Savills have acquired the former NXP site on Millbrook Trading Estate, Southampton from NXP.
The 15.42 acre site, which includes 125,702 sq ft of space let to Selex Galileo, has been purchased for an undisclosed sum.
New owners to develop industrial scheme on site
Selex Galileo has a 10 year lease remaining on its site, with Canmoor Developments now intending to carry out industrial development on the remaining 9 acres.
We worked jointly with Dowley Turner Real Estate to advise Canmoor Developments and Diageo Pension Fund Trusts on their acquisition of the site. Both agency teams have now been instructed to market the development, with the intention of securing industrial and warehouse pre-lets.
Site to be renamed as Endeavour Park
Jerry Vigus, Director in LSH’s South Coast Agency team, commented: “We have been tracking the former NXP site for a couple of years, and have been in discussions with Canmoor Developments. Canmoor has a strong reputation of delivering industrial development throughout the country, and its successful development projects have won numerous awards.”
The NXP site will be renamed as Endeavour Park, and a proactive marketing campaign has now commenced. Canmoor and Diageo Pension Trusts will be promoting pre-let opportunities from 20,000 to 170,000 sq ft.
Strong levels of interest due to lack of modern units in the region
Jerry added: “Considering the lack of new or modern industrial/warehouse units available in the region, we are already receiving an encouraging level of enquiries from occupiers that are aware of the potential opportunity at the NXP site, so are confident of securing pre-let agreements in the short term.”
First South Coast acquisition for Canmoor
Jules Benkert, Managing Director of Canmoor Developments, added: “This is an exciting acquisition for Canmoor - our first on the South Coast. After looking at numerous opportunities in Southampton, we targeted this location to try and invest, particularly considering the lack of opportunities for occupiers currently in the market.”
The NXP site once employed a large number of people, and it is now the intention to redevelop the site to provide much needed modern industrial/warehouse accommodation for the Southampton area.