The South Coast saw limited stock coming to the market during the second quarter, prompting a number of off-market transactions in a similar fashion to Q1.
When the UK voted to leave the EU, sterling fell to a 31 year low and the markets reacted. Secondary assets that have been brought forward will no doubt be subject to price adjustments, although prime and well-located properties let on long leases are likely to hold up.
In terms of active buyers, local authorities continue to look nationwide for quality opportunities. Institutional investors will likely be net sellers for the remainder of the year.
Sales due to complete and new opportunities being brought to market include...
• Blocks A & B, One Portway, Port Solent, Portsmouth
: The freehold of two self contained buildings totaling 62,379 sq ft and providing 328 car parking spaces. Block A is vacant and Block B is let to Ageas for a term certain of 5 years. Quoting £11,000,000.
• Hutwood Court, Chandlers Ford: The property, amounting to 53,425 sq ft is fully let to Utilita Energy with 5 years term certain. Quoting £11,300,000.
• 1650 Parkway, Solent Business Park: Under offer at slightly in excess of the quoting level of £3,150,000. The property, comprising 29,591 sq ft, is multi-let to 5 tenants with an AWULT of 2.5 years and a parking ratio of 1:185 sq ft.
• Forum, Solent Business Park: Under offer at a figure in excess of the £42,000,000 quoting level. The property comprises 5 HQ buildings developed between 2001 and 2007 with and AWULT of 5.60 years at a passing rent of £3,339,537 per annum.