Acting on behalf of Canmoor Developments Limited and Cordea Savills, we have agreed a major industrial pre-let deal in Southampton.
A 90,000 sq ft hub at Endeavour Park in Southampton - the former NXP site – has been signed for by parcel delivery business UPS. UPS has taken a 20-year lease paying around £7.95 per sq ft and will move to the site by the end of the year.
Former NXP site purchased in 2011
Canmoor, funded by Cordea Savills, bought the 15-acre site at Millbrook in Southampton at the end of 2011. Subsequently, Canmoor submitted plans for an industrial, storage and distribution development, to be renamed as Endeavour Park, and received planning consent in August 2012. The former NXP site was previously occupied by Phillips Electronics.
Jerry Vigus, Director in our South Coast Agency team, commented: “This is an important transaction for the South Coast industrial and logistics sector – the arrival of UPS to Endeavour Park is a huge vote of confidence for the scheme and the wider market.”
Pre-lets the main driver of larger scale industrial transactions
Jerry added: “The lack of large, quality units in the region remains a major problem for occupiers looking to relocate or expand their operations. We have said for some time now that pre-let agreements will therefore be the main driver of larger scale deals, and this will remain the case throughout 2013.”
The UPS pre-let at Endeavour Park follows in the wake of international courier and logistics giant DPD (Dynamic Parcel Distribution) – a GeoPost brand – signing for 36,580 sq ft at Hargreaves’ Hamilton Business Park, Hedge End.
We acted jointly alongside Dowley Turner Real Estate in the deal.