Acting on behalf of Hargreaves Developments, we have agreed a further pre-let deal of showroom, warehouse and trade counter space at Hamilton Business Park in Hedge End, Southampton.
In the wake of the 36,580 sq ft pre-let signed by GeoPost earlier this month, Magnet Limited, the UK's leading kitchen specialist, has signed for a 12,000 sq ft site on Botley Road.
Commercial space to support business expansion
Magnet has been looking for several years for commercial space in Hedge End to support its business expansion. It has now been granted permission for a new 12,000 sq ft warehouse with ancillary trade counter and showroom space for the sale of windows, doors, kitchens and associated joinery products.
A new 15 year lease has been signed, at a rent of £110,000 per annum, and construction works will commence shortly. Following an extensive fit-out, the showroom will then open for business in the summer of 2012.
Lack of quality industrial space on South Coast
Adrian Whitfield, Director in our South Coast Agency team, commented: “Over the last two years we have highlighted our concerns over the shortage of modern industrial space along the South Coast. We have always anticipated this will pose a real challenge for landlords and occupiers alike.
“The stall in speculative development since the economic downturn, and the arrival of Empty Property Rates legislation, have collectively taken their toll. We are now in a situation where the availability of new and modern industrial space is not there to support occupier demand.”
Occupiers turn to pre-lets to secure space
Adrian added: “It’s therefore not surprising that occupiers are turning to pre-let agreements in order to satisfy their demands for modern space that fits their business both now and in the future. The Magnet deal on the main road site will prompt further trade, showroom and warehouse development on the remainder of the site, which is able to provide an additional 28,175 sq ft of development.”
Hamilton Business Park has been developed in three phases since 2001, providing 105,000 sq ft of trade counter, showroom, industrial and warehouse space.