The transaction, which sees Regus take over half of the total 30,000 sq ft of office space at Kingsbridge Estates’ Cumberland House, is one of the largest office lettings in Southampton city centre for many years and highlights a booming demand for high quality office space within Southampton.
Despite vacancy rates plummeting, LSH was able to secure the highly sought after office space, which benefits from its central location and proximity to Southampton’s central railway station. Regus’ occupancy now means that Cumberland House is fully let, with businesses Lucite and Coffin Mew occupying the remaining 13,000 sq ft of space.
Commenting on the deal, Andrew Hodgkinson, director, Lambert Smith Hampton’s South Coast office agency, said: “LSH is delighted to have secured such a significant letting in a highly sought-after location. Cumberland House will provide a superb space for Regus to continue its success across the South Coast.
“This deal underlines what we are currently seeing in Southampton city centre – strong demand, coupled with a real shortage of high quality stock. Grade A buildings in the city centre that offer the flexibility of Cumberland House are few and far between and as a result, major corporates are now beginning to relocate out of the city centre to larger office parks as their workforces expand and occupancy requirements change. 2016 will see some refurbished offices return to the market in Southampton city centre and our hope is that this will, in part, meet some of the occupier demand over the short term.”