commercial property lambert smith hampton

News - 07/04/2016

Asset management masterclass secures new lettings at Southampton industrial park

Lambert Smith Hampton has secured five new lettings at Griffin Industrial Park, Totton, comprising around 72,000 sq ft in total area, following extensive refurbishment.

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Acclaim Logistics Ltd, Premier Paper Group Ltd and Alliance Disposables Ltd, already existing tenants at Griffin Industrial Park, have taken three further units to cater for expanding workforces and occupancy requirements. Alliance Healthcare (Distribution) Ltd, part of Walgreens Boots Alliance, has taken its first unit at the estate in order to provide a new distribution centre for Boots and Easystands Ltd is expanding and relocating to 28,000 sq ft of newly refurbished space.

Griffin Industrial Park, built in the 1970s, is a prime industrial site of eight acres and 16 industrial units, close to junction 2 of the M27 and Southampton Docks. The estate was at a clear crossroads 18 months ago after major tenant Tomy Express, which occupied six units, announced the relocation of its distribution business to the Midlands. Since that point, the site has undergone a significant proactive asset management programme, which has included major refurbishment works to six units and the relocation of a number of existing occupiers to more suitable accommodation within the estate.

These latest deals take the total new lettings at Griffin Industrial Park over the last 18 months to ten, with rents typically increasing by between 5-10% over the last 12 months.

Adrian Whitfield, industrial and logistics director for Lambert Smith Hampton commented: “We have worked immensely hard with our client to carry out a targeted proactive marketing and lettings strategy, including a major refurbishment programme, to provide high quality space across the estate and the local occupier market has responded with rental growth and minimal letting voids”.


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