Vail Williams Headlines

Headlines A View Across the Solent Real Estate Market

Autumn 2018

Full steam ahead on the Solent...

Cover image courtesy of Emirates Spinnaker Tower, Portsmouth

In this issue:

> Check your Business Rates > Commercial planning guidance > Offices, industrial and retail premises for sale and to let

Grade A OFFICES with excellent transport links NORTH HARBOUR BUSINESS PARK , COMPASS ROAD, PORTSMOUTH PO6 4PR

• First floor, open plan, air-conditioned office space • Available as separate suites • Easy access to J12, M27 & motorway network

From 4,450 - 10,412 sq ft (413 - 967 sq m)

• Air-conditioning • Raised access flooring • Fibre leased line providing up to 100mb available (subject to additional cost and installation)

• Suspended ceilings with inset lighting • Disabled WC and WC facilities • 2 lifts

• 59 car parking spaces

The property forms part of North Harbour Business Park, a popular mixed use/office development located to the north of Portsmouth, close to Junction 12 of the M27 and Port Solent, with its attractive marina, shops & restaurants.

Headlines

Foreword

Building on Success I am delighted to bring you our rebranded Headlines property journal, following the merger of Hughes Ellard & Vail Williams in June this year.

We have some great properties available in this publication and any one of the team would be delighted to discuss your property requirements in more detail. Vail Williams not only has offices covering the South East and Midlands but also provides expert advice in planning, business rates, building surveying and project managing new builds.

Russell Mogridge, Partner & LLP Member

Contents The Solent Powerhouse........... 5 Office & Industrial Occupier News............................ 7

Vail Williams’ staff for the Solent region grew in numbers to 50 after the business incorporated fellow commercial property consultancy Hughes Ellard in June.

A five-figure sum has been invested in a refurbished 2,000 sq ft office at 1000 Lakeside, North Harbour, Portsmouth, doubling previous space on site.

Managing partner Matthew SamuelCamps said: “The investment in larger premises at 1000 Lakeside, following the merger earlier this summer, underlines our confidence in the future.

“Since the deal in June, bringing 26 extra people to the fold, and through Hughes Ellard’s market sector expertise gathered over 45 years, we have increased our customer

offering in offices, industrial, retail and leisure.

“Our larger base in Portsmouth is strategically located for our professional services and complements our development appraisal, search and acquisition, valuation, rent review and lease renewal, asset management, building consultancy, disposals and investment advice.”

Mr Samuel-Camps added: “This is about providing market-leading advice for clients, with our highly knowledgeable and personable team helping them to grow their businesses profitably.”

Vail Williams is the marketing agent for Lakeside, a 120-acre business park, with 3,000 people working for 75 companies on site.

Portsmouth Office 023 9220 3200 1000 Lakeside, Western Road, Portsmouth, PO6 3EN

Business Rates Advice.............. 9 Vail Williams’ take on the Solent Region..................... 13 Investing in Commercial Property............. 19 National Planning Policy Framework.................... 21 Converting your property from commercial to residential use........................... 23 A Right to Remain................... 25 Current Property Listings............................... 27-31

Southampton Office 023 8082 0900

www.vailwilliams.com 3

Savannah House, Ocean Village, Southampton, SO14 3TJ

The south coast’s premier office scheme SOLENT BUSINESS PARK J9/M27 FAREHAM

8,500 to 25,000 sq ft Grade A accommodation offering the perfect environment for any company to flourish

www.fusion-solent.com 4

www.vailwilliams.com

The Solent Powerhouse

At Vail Williams, we continue to invest in the capacity and service offering that can create value for our clients.

Our recent merger with Hughes Ellard strengthens our transactional expertise across the Solent market and supports our plans for growth in consultancy services. In short, we have created a ‘powerhouse’ team covering the Solent, South East and London, with more than 50 professionals operating out of our expanded Lakeside, Portsmouth and Ocean Village, Southampton offices.

All this is in line with a client-centred growth strategy focused on professional services that include development appraisal, search and acquisition, valuation, rent review and lease renewal, asset management, building consultancy, disposals and investment advice.

It also brings fresh impetus to our agency activities, with significant additional resource and complementary expertise across commercial, industrial, retail and leisure sectors.

Our Solent Agency Team Vail Williams is deeply ingrained in the business of commercial property, carefully selecting leading professionals in their fields who demonstrate expert knowledge aligned to commercial know-how.

From agency and building consultancy, to valuation, asset management, building surveying and project delivery, our wealth of knowledge optimises the competitive position of our extensive client list. To find out more, contact our Solent team.

Russell Mogridge Partner 07815 737175 rmogridge@vailwilliams.com

Nik Cox Partner 07870 557410 ncox@vailwilliams.com

Philip Holmes Partner 07733 124438 pholmes@vailwilliams.com

Russell Miller Partner 07760 171443 rmiller@vailwilliams.com

Tim Clark Partner 07584 214662 tclark@vailwilliams.com

Gary Jeffries Partner 07976 397698 gjeffries@vailwilliams.com

Harnish Patel Associate 07825 276132 hpatel@vailwilliams.com

Will Elgeti Surveyor 07584 214668 welgeti@vailwilliams.com

Alex Gauntlett Surveyor 07584 657826 agauntlett@vailwilliams.com

Marcus Chuter Surveyor 07557 504952 mchuter@vailwilliams.com

Portsmouth Office 023 9220 3200

Southampton Office 023 8082 0900

DESTINATION

LAKES I DE WHERE DO YOU WANT TO TAKE YOUR BUSINESS? The ultimate destination for high flying businesses Lakeside North Harbour is the home of business success on the South Coast.

Over 100 companies have already chosen our campus as the right environment in which to grow their business and attract the best people.

If you want vibrant, spacious and exciting office space, make Lakeside your destination. Contact Karen Tyrrell today on 023 9238 9056 or email karentyrrell@nwglidefern.co.uk

OFFICE | SPACE J12 M27 www.lakesidenorthharbour.com

Headlines

Office & Industrial Occupier News

Top of the league for office deals The combined office deals over the last 12 months have seen the Solent agency team top the Estates Gazette league table for the sixth successive year, with 167,676 sq ft of transactions recorded – 47,676 sq ft more than the nearest competitor.

In all the team secured 37 deals, 12 more than any other agency.

The highlights included Lakeside, North Harbour, Portsmouth, which contributed to over 50% of the Solent Corridor’s take up, demonstrating its strong location and environment once again, with Checkatrade taking 10,000 sq ft in building 2000.

Russell Mogridge, Partner heading the Transactional Team and responsible for Lakeside, commented: “Lakeside ticks so many boxes for business owners, providing a great deal of wellbeing for staff, with running track, showers and changing rooms, while creating the perfect environment for attracting talent and growing a business.”

Nik Cox, Partner based in Southampton, said: “Office supply out-of-town in Southampton is very low, with Botleigh Grange now fully let, with 17,000 sq ft Hawksmoor House being let to Imperial Cars for their headquarters. At the same time, demand is healthy in Southampton

Lakeside, North Harbour

City Centre, with relatively few opportunities.”

Russell Mogridge said the refurbishment of Oceana House in Commercial Road is perfectly timed, offering open plan office space with excellent natural light close to the railway station. There’s also a growing trend for businesses to move into town to attract younger staff to the vibrant city .

Predictions for 2019 are more of the same, with anticipated business growth in the professional services sectors which, with limited supply, will mean continued rental growth.

Logistics and industrial growth accelerates The Solent industrial and logistics sectors continue to boom, with developers and property funds eager to build units speculatively to meet demand.

Following a barren decade in this market, the first wave of such schemes have not only completed but are nearly fully let, with only very large buildings of 100,000 sq ft and above remaining to let.

Vail Williams has sold two development sites recently which will see the second wave of development across the south.

Both happen to be near Fareham at junction 9 - one in Segensworth, which will deliver just under 100,000 sq ft of units by 2020, and the other at Solent Business Park, Whiteley. The latter is named Logistics City Whiteley, and is to be constructed by Kier Property, which intends obtaining planning consent to build up to 60,000 sq ft of speculative space by the end of next year.

There is no doubt that motorway locations and city/town centre will remain very popular. There are examples of businesses fighting over units up to 20,000 sqft , owing to so little stock. The days of the long rent free periods are well and truly over with landlords holding all the cards.

This has led to Vail Williams undertaking more and more occupier work, helping business owners to find new premises on or off market.

“Client relocations are usually growth orientated and they prefer to manage their business and rely on us to identify premises and do the legwork for the best possible deal,” said Russell Mogridge.

Vail Williams has recently helped a number of businesses to secure new property in line with the required timescales and budgets. Successes include VW Breeze, where a new 12,000 sq ft after sales commercial vehicle facility was secured as a pre-letting and will complete construction nine months from agreeing terms, and a new 6,500 sq ft building in Ringwood for Selwood.

“We have live requirements for clients seeking industrial/warehouse space along

Logistics City

7

the Solent corridor from 15,000 sq ft to 30,000 sq ft as well as development land requirements from 2 to 10 acres.”

“We anticipate strong demand for both schemes, which will offer different sized units and configurations,” said Russell Mogridge of Vail Williams.

Analysts are predicting 7% rental growth for industrial/logistics space over the next five years, which makes for an attractive proposition for institutional funding and finance. Rents of £9.50 to £10 psf per annum are being achieved in the region and combined with prime industrial yield of 4.75%, this bodes well for speculative development, assuming the required land can be released for commercial development .

One of the other reasons why the industrial sector is so attractive to investors, is that when units fall empty they currently attract 6 months business rates relief, to give the landlord time to re-let.

Indeed Vail Williams has recently sold the final units at Cobham Industrial Centre, near Ringwood for Ankers and Rawlings - snapped up by business owners and private investors alike attracted to the location and the investment yield that can be generated once let.

Two Storey Detached Period Office To Let Location Cams Estate is an established business park set in a beautifully landscaped environment within the grounds of the 18th Century Cams Hall.

Occupiers on the park include Serverhouse, Wilkins Kennedy and Glanvilles Solicitors.

The Park offers excellent communication links to the M27 via J11 together with the A3(M) and A27.

Description This former farmhouse serving Cams Hall Estate offers unique stylish period accommodation with a welcoming ground floor double height reception area, large executive offices with tall ceilings and large sash windows providing plenty of natural light, combined with an open plan galleried wing, meeting modern office occupancy requirements.

There are ground floor toilets and kitchen. The property has its own car park capable of parking approximately 10 cars. In addition, there are a further 7 car spaces located a short walk away.

• 17 allocated car spaces • Open plan with executive offices • Quick motorway access EPC Rating Band - C/73

Contact: Russell Mogridge Tel: 07815 737175 Email: rmogridge@vailwilliams.com 8

West Farm House Cams Hall Estate Fareham Hampshire PO16 8UP Size: 308.71 sq m (3,323 sq ft) Rent: £63,000 per annum exclusive

Headlines

Business Rates Advice

Business Rates: The importance of registration

By Rod Bisset

Since the advent of the 2017 Rating List on 1 April 2017 it has been no longer possible to appeal your business rates. The Government have forced all ratepayers down the route of registering on the Valuation Office Agency (VOA) portal, before the process of “Check, Challenge, Appeal” can be started.

Often Ratepayers believe their former agents are working in the background when in fact the process has stalled as registration has failed to take place. Often we are told that “my agent is appealing” which serves to bury the problem of business rates administration.

A simple test to undertake is: “Do I remember registering myself, my company and our business premises on the Government Portal?”

“Have I appointed an agent by inputting his agent code into our dashboard?”

If the answer is No, then it is time to re-visit the process of registration.

At Vail Williams we offer an individual service where we visit you and sit with you during the registration process saving you valuable time and worry, however for those that have the appetite to be self-sufficient we have the following description of what is involved.

The registration service is currently located at: https://www.tax.service.gov.uk/ business-rates-property-linking/start

The VOA firstly establish whether your company is already issued with a Government Gateway number (often supported by a PIN texted to your company’s nominated mobile phone number). Having logged-in by your gateway number, the Portal will ask for additional details of whom within your organisation they are to be dealing with. At this stage they do ask for your home address, National Insurance number and potentially your passport number. It seems very risky to part with such details, but we are assured they are storing nothing and are merely comparing those details with data already held on other Government databases.

Having established you are a real person and authorised to enter information for your organisation the focus turns to claiming a property, this requires a pdf of your latest rate demand and by browsing the Rating List one can identify your own property and follow the screen by screen process of claiming it. Ultimately you will be asked to upload your pre-prepared pdf of the rate demand for that property.

After you have added your property or properties you can see the summary of what your organisation has within the system by using your dashboard. The dashboard has a series of tabs, one of which is entitled Agents, choosing this tab you are invited to enter your agents’ 5 digit code and tick the boxes by each property to be included within your chosen agent’s instructions.

We, the agent, are in turn notified that we have client instructions pending and from here we can accept the instruction to represent you and start the “Check, Challenge, Appeal” process.

Summary: If in doubt – log on to your dashboard and see what properties are being actively “Checked” and “Challenged”?

If you do not know how to access your VOA portal dashboard – the chances are you have not set one up yet – seek advice on registration.

For further information please contact Rod Bisset: 07973 347876 rbisset@vailwilliams.com 9

Character Self-Contained Office To Let Location The property is located approximately 1.5 miles from the A3 and 0.3 miles from Liss town centre and mainline train station to London Waterloo (73 mins) and Guildford (31 mins).

Liss provides a very convenient place to operate from, providing quick communications to Portsmouth to the south and Guildford to the north.

Description The property comprises a four storey period building, formerly a mill, offering a great deal of charm with exposed open timber trusses on the top floor together with exposed brickwork and arched windows throughout.

The property is accessed via a generous ground floor reception area with ground floor male and female WCs and shower. The office spaces are principally open plan and accessed via a central staircase. The ground and first floors have a two storey wing to the side which is utilised on the ground as a kitchen and staff area and on the first floor, open plan offices.

The fourth storey has a meeting space with views across Liss.

Externally there is a gated private car park with 19 marked car spaces with potential for a further 4 to 6 spaces.

• Close to the A3 • Gas fired central heating

• Many original features • Private car park

EPC Rating Band - D/81

Contact: Russell Mogridge Tel: 07815 737175 Email: rmogridge@vailwilliams.com 10

Liss Mill Mill Road Liss Hampshire GU33 7BD Size: 392.15 sq m (4,221 sq ft) Rent: £67,500 per annum exclusive

Prestigious Modern Office Building To Let Location Solent Business Park (SBP) is a major employment hub located on the M27 corridor. Southampton is situated 8 miles to the west, whilst Portsmouth is 12 miles to the east. SBP is accessible from J9 of the M27, with two further access routes into/out of the business park.

There are mainline railway stations along the M27 at Southampton Airport Parkway, Portsmouth and Havant. Swanwick provides connecting services and is approximately 1 mile to the south. Whiteley Retail Park is adjacent to SBP offering numerous shops and restaurants.

Description The property comprises a three storey office building prominently fronting The Parkway, the main perimeter road of the business park. The building benefits from a high specification including perimeter heating system, openable windows and a new air conditioning system (subject to tenant requirements), full access raised floors and suspended ceilings with recessed lighting.

The building benefits from 102 car parking spaces located adjacent to the building, providing a car parking ratio of 1:177 sq ft. In total the site area extends to 1.37 acres.

• 102 parking spaces • Cycle/shower facilities • New air conditioning system (subject to tenant requirements) EPC Rating Band - E/106

Contact: Will Elgeti Nik Cox

Tel: 07584 214668 Email: welgeti@vailwilliams.com Tel: 07870 557410 Email: ncox@vailwilliams.com 11

1550 Parkway Solent Business Park Whiteley Fareham Hampshire PO15 7AA Size: 516 to 1,684 sq m (5,557 to 18,123 sq ft) Rent: On application

Individual Detached Office Building To Let Location The Cams Estate is a 400 acre private office campus set in award winning landscaped grounds.

The Estate is located just off Junction 11 of the M27, but also is a 15 minute walk from Fareham Town Centre with out of town Sainsbury’s Superstore and award winning Leisure Centre with 25m pool.

Fareham also enjoys a mainline railway station with connections to London Waterloo via Southampton Parkway or Havant.

Description The property is principally a ground floor building with a second storey located in the roof providing a board room/meeting space.

The building was purpose built in the mid-1990s and benefits from a private car park set within its own landscaped grounds.

Amenities include access raised floors, LED lighting, comfort cooling/ heating, flood voice/data & power cabling, fitted kitchen and ground floor toilets.

• 38 car spaces • 6 electric car points • Close to J11, M27

• Large open plan ground floor • Fitted out and furnished • First floor board/meeting room

EPC Rating Band - TBA

Contact: Russell Mogridge Tel: 07815 737175 Email: rmogridge@vailwilliams.com Harnish Patel Tel: 07825 276132 Email: hpatel@vailwilliams.com 12

Leroux House Carnac Court Cams Hall Estate Fareham Hampshire PO16 8UL Size: 576.9 sq m (6,209 sq ft) Rent: £116,500 per annum rising to £122,325 per annum exclusive from 16 March 2121

Headlines

Vail Williams’ take on the Solent region

Russell Miller, Partner

As well as brightening up the reception area of Vail Williams’ Southampton office, the infographic hanging on the wall of Savannah House provides an insight into the characteristics that make up the Solent region. The local team got together one afternoon and, true to management-speak, brainstormed some ideas of what they felt were the key attributes and hot topics of the region.

Our hot topics: World Class Universities The Solent boasts no less than five university institutions including the University of Southampton, which is a prestigious ‘Russell Group’ university and recently voted the 18th best university in the UK by the Sunday Times. There is a significant skilled labour force being generated within the region and the challenge is to retain these people in the area to ensure that the Solent prospers both socially and economically.

Attracting Big Business As well as retaining what we have, it is becoming of paramount importance to promote the region more intensely on both a national and international stage. Big business brings with it crucial employment opportunities and can often be the catalyst for regeneration and gentrification. These businesses are selecting locations globally and it therefore requires a clear strategy from business groups such as the Chamber of Commerce and Business South, as well as the political efforts of the various local authorities and local enterprise partnerships, to highlight the benefits of locating here.

Combined Unitary Authority A potential way to better promote the region and accelerate economic growth is thought to be through devolution.

The three main unitary authorities, Isle of Wight Council, Southampton City Council and Portsmouth City Council, together with the Solent LEP are seeking to agree what is termed the ‘Solent Deal’ with the government; the intention being to provide more local control, provide extra powers and deliver significant funding in the region of £900M over the next 30 years.

This funding is essential investment for infrastructure, transport, homes, training and business support. There remain considerable obstacles to overcome to make this happen but the political will is certainly there from our main cities.

Housing Supply It was reported back in 2014 in the Strategic Housing Market Assessment commissioned by the Partnership for Urban South Hampshire (PUSH) that there is a need for some 4,160 new homes every year in the south Hampshire region up until 2036. This is a big number and the pressure is on all local authorities to promote sustainable development and achieve this level of house building. As well as the challenges around the planning system and the volatility in the underlying housing market, the region also suffers from a distinct lack of developable land as a result of the physical constraints shown in the infographic with much of the economic activity in the region taking place between two national parks, the New Forest and South Downs.

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SMART Motorways Major road works to introduce a SMART Motorway are to start imminently between junctions 4-11 of the M27 at a cost of £244M. The wider context is the ever-growing pressure on infrastructure linking the main conurbations from Bournemouth and Poole to the west to Portsmouth and Chichester to the east, Winchester to the north and the Isle of Wight to the south. There are many ideas being considered but the process is slow and the funding is challenging. All parties know how important infrastructure is to the continued prosperity of the region and solutions need to be found and delivered.

Employment Space With some 100,000 new homes expected to be built in the region in the next 20 years there must also be a requirement for the creation of new jobs for these working families.

Although the supply and demand of employment space fluctuates with changing market conditions, there is, and will remain in the foreseeable future, a severe lack of supply of modern ‘fit-for-purpose’ business accommodation. Even more so than for housing land there are very few sites in the region that can be developed for commercial use and a greater emphasis on this politically is needed to ensure that commercial development is viable and deliverable to support the region’s ambitious economic growth plans.

A36

Salisbury

A

COMMUTER CITY TO LONDON

W

Housing supply

Employment Space Supply and Demand

Attracting

BIG BUSINESS A36

A354

cath

Southampton

M3

A338

NEW FOREST NATIONAL PARK

SOUTHAMPTON SCIENCE PARK

A338

west country A31

M27

west quay shopping centre

THE SOLENT REGION

Cruis Indust

A338

Bournemouth/ Poole

FAWLEY POWER STATION

Sandbanks BEACHES 13

THE NEEDLES

A34

M3

BEST place to live in 2016!

A31

Winchester

Making commercial sense of property

Combined Unitary Authority

hedral

LONDON

A3 A272

SOUTH DOWNS NATIONAL PARK

International airport

SMART Motorways?

Ageas bowl

A3(M)

e

cathedral city

SOLENT Business Park

se try

M27

Portsmouth

World Class Universities

Soton Docks

Spinnaker tower

Royal navy

Isle of wight

HOLIDAY DESTINATION

ROUND THE ISLAND RACE 14

A27

Chichester

Goodwood estate

Ground and First Floor Office Space and Separate Warehouse To Let

14 Brunel Way Segensworth Fareham Hampshire PO15 5TX

Location

Size: Offices: 133 - 275.5 sq m (1,432 - 2,965 sq ft) GIA

14 Brunel Way is located on the popular established Segensworth East Industrial Park conveniently located just off junction 9 of the M27.

Businesses in the vicinity include Saab Seaeye Limited, Wartsila, Lloyds Banking Group, Meggitt Avionics.

Description The property comprises two-storey self-contained offices attached to a telecommunications centre.

The offices front Brunel Way and have car parking immediately to the front. The ground and first floor provide open plan office areas with perimeter trunking self-contained with their own WCs. In addition there is an adjoining warehouse of 449.73 sq m (4,841 sq ft) available to let.

• Quick motorway access • Car parking • Open plan EPC Rating Band - TBC

Contact: Russell Mogridge Tel: 07815 737175 Email: rmogridge@vailwilliams.com 16

Rent: £29,650 per annum exclusive Separate warehouse available: 449.73 sq m (4,841 sq ft)

MOUNTBATTEN BUSINESS PARK

3 GROVE ROAD, MOUNTBATTEN BUSINESS PARK FARLINGTON, PORTSMOUTH, PO6 1LX

PROMINENTLY LOCATED WAREHOUSE/TRADE COUNTER BUILDING

TO LET 19,522 sq ft (1,813 sq m)

• Prominent roadside location

• Max eaves height 3.57m

• Easy access to A27/A3(M)

• Loading and parking at the front

• Local amenities

• Alternative uses will be considered subject to necessary planning consent

• Loading door 3.67m (w) x 3.67m (h) DESCRIPTION The property comprises an industrial/warehouse building fronting onto Grove Road with a two-storey office building attached, benefiting from an entrance and reception area. There are car parking and loading areas to the front, with a full height loading door.

The internal industrial/warehouse space is mainly open plan, and the offices are mainly cellular in layout, overlooking Jackson Close.

Energy Performance Rating: E49

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PHILIP HOLMES pholmes@vailwilliams.com Tel: 07733 124438

GUY JACKSON grjackson@lsh.co.uk Tel: 07525 631305

HARNISH PATEL hpatel@vailwilliams.com Tel: 07825 276132

ROBIN DICKENS rdickens@lsh.co.uk Tel: 07977 519333

Unit 8 Dundas Close Portsmouth Hampshire PO3 5RB Size: 680 sq m (7,322 sq ft) GIA

Detached Warehouse/ Industrial Building To Let

Rent: On application

Contact: Philip Holmes 07733 124438 pholmes@vailwilliams.com

• Easy access to the A27/M27/A3 • Two full height loading doors • Offices • Car parking to front forecourt • Secure yard of approx. 5,000 sq ft

Harnish Patel 07825 276132 hpatel@vailwilliams.com

EPC Rating Band - D/86

Unit 240 Ordnance Business Park Gosport Hampshire PO13 0FG Size: 203.01 sq m (2,185 sq ft)

Modern Light Industrial Unit To Let • Minimum eaves height 6.7m • First floor offices • Loading door 4.88m (h) x 4.06m (w) • 4 car parking spaces • Recently refurbished

• • • • •

Cat II Lighting Three phase electricity Gas Kitchenette WC facilities

Rent: £18,572 per annum exclusive Contact: Philip Holmes 023 9220 3232 pholmes@vailwilliams.com Alex Gauntlett 07584 675826 agauntlett@vailwilliams.com Joint Agents: Holloway Iliffe Mitchell

EPC Rating Band - E/117

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Headlines

Investment

Investing in Commercial Property Vail Williams has a strong and well earned reputation in advising on commercial property investment.

With our wealth of regional knowledge and trading for over 30 years, we have a firm finger on the pulse of the occupational market/ demand for commercial property, which in turn reflects on what return an investor should seek from their investment.

Over the last few years that have been some changes to Stamp Duty, together with tax treatment to Self Invested Pension schemes and the buy to let market. The latter has boosted demand for the less management intensive and higher returns of commercial property .

The scarcity of attractive investments, rental growth and low interest rates

for savers has produced strong capital growth in commercial property.

The Industrial/logistics sector remains the prime sector, for many reasons, but perhaps the main one being its simplicity and relatively low hold costs when vacant.

City Centre offices remain popular, with the supply of buildings being lost to residential conversion/development, plus their prospect of growth being stronger. Indeed we’ve seen a trend for businesses moving back into town, to enjoy the ‘doorstep’ amenities for staff that the city centre brings.

We have also found business owners turning to purchasing property again, perhaps in reaction to rental growth and a desire to own their own premises.

Indeed we regularly see business owners buying property to own and

to invest in, often letting out part of the building to generate income and preserve their future expansion.

Prime industrial yields are sub 5% at the moment, with no real let up, prime offices 6.5% and retail & leisure 8%.

The latter is having a torrid time, with continued announcements of closures in a sector which is having to reinvent itself to meet the challenges of online retailing Should you be looking to invest in commercial property, having taken independent financial advice, Vail Williams is ideally placed to search for opportunities matching investment criteria, whether its higher yielding risk or long term AAA investment.

Contact Russell Miller or Marcus Chuter for our current investment opportunities.

3 West Quay Road Southampton Hampshire SO15 1RE

Size: 58,920 sq ft GIA plus 33,629 sq ft mezzanines

Distribution Centre To Let • Prominent City Centre location fronting West Quay Road • Easy access to Southampton Docks and to the M27/M3 • Secure self-contained site • Dock loading • Mezzanine floors • 6 metre eaves height • Single storey offices • Surfaced yards for loading • Car parking for approx. 53 cars 19

Rent: £378,600 per annum exclusive Contact: Russell Mogridge 07815 737175 rmogridge@vailwilliams.com Alex Gauntlett 07584 657826 agauntlett@vailwilliams.com

Modern Trade Counter Unit To Let Location Hedge End Trade Park is an extremely successful trade park located just off the M27 motorway corridor. The position of the estate is strong being located close to a large J Sainsbury’s and Marks and Spencer superstores, together with a highly successful McDonalds drive thru near the entrance.

The scheme itself has Pizza Hut, KFC and Halfords located within it.

Hedge End is a strong retail, office and warehouse distribution location serving Southampton to the west and Portsmouth to the east. There is easy access via Junction 7 but also plentiful free car parking throughout all the retail schemes.

Description Unit 7 comprises a single storey semi-detached warehouse originally constructed as a shell with a single WC to the rear.

The unit has been fitted out by the previous tenant incorporating large mezzanine floor area with showroom. The unit benefits from lighting and heating. The unit is visible from the main road and adjoins Hammonds Furniture.

• • • •

Highly successful trade park Large mezzanine floor area Close to J7, M27 Plentiful free car parking

EPC Rating Band - TBC

Contact: Russell Mogridge Tel: 07815 737175 Email: rmogridge@vailwilliams.com 20

7 Hedge End Trade Park Southampton Hampshire SO30 2AX

Size: 326.56 sq m (3,514 sq ft) GIA plus mezzanine area Rent: £61,495 per annum exclusive

Headlines

VW Planning

Government publishes final National Planning Policy Framework Further to the consultation in March 2018, the Government has published the final version of the National Planning Policy Framework (NPPF).

This is now used in deciding all planning applications. The final document can be found here: https://assets.publishing. service.gov.uk/government/ uploads/system/uploads/ attachment_data/file/728643/ Revised_NPPF_2018.pdf

Key points of note from the NPPF are outlined below: Housing Delivery Test • In line with the Government’s aim to boost housing delivery, the Housing Delivery Test has been introduced. Under this test, a Local Authority’s housing policies are considered out of date if its rate of housing completions falls below 75% of its housing requirement.

As a transitional arrangement, this threshold is reduced to 25% of housing need from November 2018 and rises to 45% in November 2019.

• Local plans and spatial development strategies must, as a minimum, «seek to meet the area’s objectively assessed needs» to be declared sound. This objectively assessed need should follow the Government’s newly adopted Standardised Methodology for Assessing Housing Need.

Viability • Alongside the NPPF, the Government has published new guidance on producing viability assessments. Viability assessments are now required to follow this guidance as part of the revised NPPF. The new guidance states that all viability assessments should be publicly available and should follow a set of standardised inputs as listed in the guidance.

Local Plans • Plan reviews will be needed at least every five years where local housing need figures have or look set to «change significantly».

• As a result of this test, Local Authorities may seek to allocate above their housing requirement in order to protect themselves from sites that do not deliver.

• Gavin Barwell’s Written Ministerial Statement protecting provisions within Neighbourhood Plans has been included, as per the draft NPPF published in March 2018. This added protection applies for the first 2 years after a Neighbourhood Plan is made where there is at least 3 year’s supply of housing land and a housing delivery rate of at least 45%.

Housing

Employment

• At least 10% of housing allocations should be on land of half a hectare or less. This is a reduction from the draft document’s requirement of 20%. This is support for the smaller housebuilder.

• The revised NPPF says that the specific locational requirements of storage and distribution operations should be recognised in planning policies and decisions. This policy was omitted from the draft NPPF published in March 2018.

• Affordable housing contributions should not be sought for developments that are not on major sites.

• In general, the revised NPPF appears to weaken protections 21

for existing employment land compared to the 2012 version.

The requirement for Local Authorities to «assess the needs for land or floorspace for economic development» has been removed.

Instead, local planning authorities should have “regard to” local economic development and regeneration policies.

Retail • Local Authorities planning for town centres will no longer be expected to identify primary and secondary shopping frontages. Instead, they should ‘respond to rapid changes in the retail and leisure industries’.

Overall the revised NPPF is an evolution rather than a revolution of previous policy and includes a number of tweaks to the draft version published in March 2018.

It places more emphasis on housing delivery compared to other tenures, particularly employment.

In addition, the newly published viability guidance puts Local Authorities in a stronger negotiating position in viability cases.

This is by no means an exhaustive list of policies contained within the revised NPPF. If you have any queries on how the revised NPPF affects you or your client’s development prospects, please do not hesitate to contact the Vail Williams Planning Team, who will be able to assist you with your query.

Jamie Hanna, Vail Williams LLP Telephone 02380 820900

Jutland House Lion Park Hambrook Chichester PO18 8FJ Size: 45 to 99 sq m (485 to 1,065 sq ft) NIA

Ground Floor Offices - D1 use For Sale or To Let • Current planning consent for A2/B1a/D1 (health/medical) uses • Suitable for alternative commercial uses – subject to planning • Allocated car parking spaces • Semi-rural location • Good access to road infrastructure • Adjacent to train station • Can be split into smaller suites EPC Rating Band - N/A

Industrial Premises To Let

Contact: Philip Holmes 023 9220 3232 pholmes@vailwilliams.com Alex Gauntlett 07584 675826 agauntlett@vailwilliams.com

Units 1 & 4 Ropley Business Park The Dene Alresford Hampshire SO24 0BG

• Prominent location fronting the A31 • Detached modern buildings • Large yard areas Unit 1 • Secure entrance gate to the estate • Gantry cranes • First floor offices • Ground floor receptions • Unit 1 benefits from an annex building with ground floor offices • Unit 4 is a new building with roller shutter doors EPC Rating Band - TBC

Rent/Price: On application

Size: Unit 1 676.3 sq m (7,278 sq ft) GIA Unit 4 764.3 sq m (8,031 sq ft) GIA Rent: On application Contact: Philip Holmes 023 9220 3232 pholmes@vailwilliams.com Alex Gauntlett 07584 675826 agauntlett@vailwilliams.com

Unit 4 22

Headlines

Converting your Property

5 things to consider when converting your

commercial building into residential property Choosing to change the classification of a building from commercial to residential (or vice versa) gives rise to a number of administrative and tax hurdles.

Alongside the general planning consents and discussion with the local authority, the tax code varies significantly depending on whether you hold commercial or residential property.

If you are thinking about converting your commercial building (or bare land) into residential property, make sure to include the points below on your tax snagging list:

1) The Annual Tax on Enveloped Dwellings (ATED) ATED is an annual tax payable by companies that own UK residential property with a value of more than £500,000. While the building is being converted an ATED obligation shouldn’t arise, but as soon as the property is subject to council tax, it should be notified to HMRC, and an ATED return prepared. Exemptions are available if the property is rented out, and these exemptions would reduce the tax charge. However, any such exemption doesn’t remove the requirement to file the ATED return.

2) Stamp Duty Land Tax (SDLT) The rates of SDLT are different for the purchase of residential and commercial property. In general, the rates for commercial properties are lower, and the 3% surcharge on second properties doesn’t apply. As stamp duty is a transaction tax, it applies at the point the property was bought into the company, and no subsequent charge should arise on any change in use.

However, it is always worth reviewing the SDLT position at the point of conversion to make sure the position

is clear. Further, SDLT interacts closely with other indirect taxes, such as VAT, and establishing your VAT position will often have an important knock on effect on the SDLT charge.

3) Value Added Tax (VAT) VAT on property is fiendish! The table below summaries that across the two classes of property, the full spectrum of VAT can apply on the purchase of a property. It is worth carefully reviewing the VAT implications of a conversion, particularly if any input VAT was claimed in connection with the property, such as VAT on the purchase, construction or refurbishment of the property. Paying VAT on the purchase of a property may drive up the amount of SDLT payable, and any input VAT claimed may also be restricted/ clawed back following a change in the property’s use.

VAT classification Residential Commercial property property Exempt

4

4

Zero Rated

4

8

Standard Rated

8

4

Outside the Scope

4

4

Further, an analysis of the property may be required to establish whether the converted property is to be used to make a VATable supply, allowing for the input VAT to be reclaimed, either in full or in part. Finally, it should be noted that VAT which has been incorrectly charged by a supplier is never reclaimable from HMRC, as it is not actually VAT. Therefore, it is important to ensure that suppliers charge the correct rate of VAT on conversion services, which could be zero rate, 5% reduced rate or standard rate, depending on the type of project.

4) Structuring If you plan to convert a substantial building or piece of land into a number of dwellings, it’s worth considering how to structure your corporate 23

group. Sometimes the use of individual property companies can be a good way to structure as it helps to limit liability, ring fence funding, and can provide an alternative exit route. It’s also particularly useful if you plan to sell the properties at different times, possibly having a period when the group is disposing of some properties, and renting others out. Such considerations can help to ensure the cost of finance remains tax deductible (particularly if interest expense is likely to be above £2m per year).

5) Offshore companies The tax treatment of offshore companies that invest in UK property is going through significant changes at the moment. In particular, the taxation of gains on properties varies wildly depending on whether the property is commercial or residential. How much of the gain is subject to tax and the percentage charge can be different depending on the class of property.

If your commercial property is held in an offshore company it is worth considering the market value of the property before it is converted, and clearly documenting the date that the property moves to be residential.

For further information, please contact Lucy Mangan, partner and property specialist at Menzies LLP on 01784 497100 or email lmangan@menzies.co.uk

Construction ¡ Interiors ¡ Special Works

Delighting clients since 2005 www.amiriconstruction.co.uk | 01489 557700 | info@amiriconstruction.co.uk 24

Headlines

A Right to Remain

A Right to Remain As a business, you have done your research. The area has the right skilled work force, great transport links with strategic partners on your doorstep. The building meets all your needs and the rent is within budget.

Right, over to the lawyers to do their bit and ensure that you can remain in situ until you have outgrown the premises and need to expand into the unit next door. The (apparently) straight forward trajectory of a business going places. But, the old saying of ‘best laid plans’ can come into play and does sometimes lead to the question of whether a company does have the right to remain at the end of its lease?

Whist desperately wanting to avoid sounding like a typical lawyer, the answer is ‘it depends’.

The starting point is the lease and whether the lease is ‘contracted out’ of the Landlord and Tenant Act 1954.

If the 1954 Act does not apply, the tenant does not have the right to remain at the end of the lease. This does not mean a new lease cannot be agreed.

What it does mean, however, is that if the landlord does not want provide you a new lease, there is nothing that can be done about this.

The 1954 Act provides tenants ‘security of tenure’ i.e. the company’s right to remain at the end of its lease and, crucially, the ability to compel its landlord to grant a new lease. If a new lease can’t be agreed, then the court can decide. End of story? Not quite.

Even with rights under the 1954 Act, the landlord, more often than not, has the upper hand. If the landlord is able to establish certain grounds then it can still oppose the grant of a new lease and there is nothing the tenant can do about it. These grounds can be broken down into two categories ‘fault grounds‘ and ‘no fault grounds’. If the landlord can establish one of the ‘no fault grounds’ then the court has no discretion whatsoever and the tenant will not be granted a new lease. The most common no fault ground cited by landlord is the landlord’s intention to redevelop the premises (known as ‘ground f’ under the 1954 Act), however, in certain circumstance the landlord can also

rely on the fact it intends to occupy the premises for its own purposes (‘ground g’ under the 1954 Act), which could be extra galling for any tenant.

So, the landlord has cited that it opposes a new lease as it has the intention to ‘redevelop the holding’ or ‘occupy the holding’, end of story? Not quite – the devil is in the detail. For instance with ground f, first, the landlord must show that it could not reasonably ‘redevelop’ without obtaining possession of the premises, so could what the landlord has planned be done without possession of the companies premises? Further, in order to hold the ‘intention to redevelop’, is there a reasonable prospect of being able to redevelop?

Questions such as, does the landlord have funding? Is it unlikely to obtain planning permission in light of the Local Development Framework or other factors, such as, ‘Special Policy Areas’?

For instance, a landlord of a converted town house now used for medical facilities in Harley Street is unlikely to obtain permission to convert the premises back into a private dwelling.

These are all factors that need to be considered by a landlord prior to opposing a lease and a tenant upon receipt of confirmation that a new lease is opposed should always seek to robustly test the merits of the landlord’s grounds of opposition.

25

By Adrian McClinton, Coffin Mew

In conclusion, the ability for a company (no matter its size) to be certain as to where it will be located is important for stability and, importantly growth and whilst all is not lost if a landlord opposes a new tenancy, it is important that when planning for the future all businesses need to be aware that the location of their operations may be out of their control. I think it is important to finish on a positive note. If a business tenant is faces with the prospect of having to leave its home as result of the landlord wanting to redevelop at least it is less likely to be slapped with a costly schedule of dilapidation, as under section 18 of the Landlord and Tenant Act 1927, damages for failure to repair are not recoverable where redevelopment is to take place.

Adrian McClinton specialises in Real Estate Litigation. He has acted for land owners/landlords and high net worth individuals with portfolios and ownership ranging from the small (1- 20 properties) to the very large (70,000 + properties).

His areas of expertise are all aspects of Landlord and Tenant law (commercial and residential); breach of contract; debt recovery; and boundary/neighbour disputes.

If you are a landlord and you wish to end a business tenancy or you are a tenant that wishes to remain in your premises, Adrian can assist you and can be contacted on adrianmcclinton@coffinmew.co.uk or 07469 859299.

1 Acre Development Site suitable for offices/hi-tech buildings For Sale

The Orchard Cams Hall Estate Fareham Hampshire

Location The Orchard is located in the heart of the Cams Estate bordering the award winning golf course and the historic walled garden.

The office campus is set in a tranquil setting with mature grounds of the former Cams Hall – now a business centre. Portsmouth Harbour and Fareham Creek wrap around the scheme providing pleasant waterside walks and impressing views close to the heart of Fareham.

The scheme has a Café onsite serving hot and cold food. Other business located at Cams Hall Estate include Glanvilles Solicitors, Wilkins Kennedy Accountants, Dream Doors HQ. Description This is a rare opportunity to own a development site in a unique setting with excellent access. The plot itself is a level serviced site surrounded by mature trees bordering the golf course, of approximately 1 acre.

• • • •

Established business park • Unique new build Excellent transport links • Tranquil setting Impressive views • Fareham tech hub On site cafe, restaurant and golf course

Contact: Russell Mogridge Tel: 07815 737175 Email: rmogridge@vailwilliams.com 26

Size: 1 acre Guide Price: £800,000 exclusive, subject to planning

Headlines

Current Property Listings

Industrial Property

Town

Tenure

Sector

Size (sq ft)

Range (sq ft)

Rent pa/ psf (£)

Palmerston Business Park

Fareham

To Let

Warehouse & Industrial

2,296

470 - 2,296

POA

Furniss Business Centre

Havant

For Sale To Let

Warehouse & Industrial

1,500

1,000 - 3,000

POA

Building 50 (Unit 1) Southmoor Lane

Havant

To Let

Warehouse & Industrial

5,165

15 Havant Business Centre

Havant

For Sale

Warehouse & Industrial

1,302

B1 Mountbatten Business Park

Portsmouth

To Let

Warehouse & Industrial

2,659

POA

Unit 27 Palmerston Business Park

Fareham

To Let

Warehouse & Industrial

2,296

16,500

Blendworth Depot Blendworth Lane

Waterlooville

To Let

Warehouse & Industrial

2,105

15,500

A1 Portfield Industrial Estate

Portsmouth

To Let

Warehouse & Industrial

6,222

59,500

Unit 1 Marshlands Road

Portsmouth

To Let

Warehouse & Industrial

2,116

16,950

Fareham Industrial Park Unit 39

Fareham

Under Offer

Warehouse & Industrial

12,762

6.5

Units 1 & 4 Ropley Business Park

Alresford

To Let

Warehouse & Industrial

Mountbatten Business Park

Portsmouth

To Let

Warehouse & Industrial

19,522

POA

Unit 8 Dundas Close

Portsmouth

To Let

Warehouse & Industrial

7,322

POA

Unit 240 Ordnance Business Park

Gosport

To Let

Warehouse & Industrial

2,185

18,572

7 Hedge End Trade Park

Hedge End

To Let

Trade Counter

3,514

61,495

Property

Town

Tenure

Sector

Belvedere Point, 1a Alexandria Park

Havant

To Let

Offices Warehouse & Industrial

5,328

50,000

200/250 Nest Business Park

Havant

To Let

Offices, Warehouse & Industrial

8,303

70,000

Buckmore Park

Petersfield

To Let

Offices, Retail, Warehouse & Industrial D1 (Medical/Education) Trade Counter/Showroom

9,000

2,000 - 9,000

POA

Property

Town

Tenure

Sector

Size (sq ft)

Range (sq ft)

Rent pa/ psf (£)

4500 Parkway

Fareham

To Let

Offices

5,237

Langstone Technology Park

Havant

To Let

Offices

9,000

2,500 - 9,000

14.5

Frobisher House

Southampton

To Let

Offices

24,000

5,000 - 24,000

8.5

Norwich House

Southampton

To Let

Offices

4,735

The Connect Centre

Portsmouth

To Let

Offices

40,000

300 - 6,000

12.5

Forum 4

Fareham

To Let

Offices

25,257

7,963 - 25,257

19.5

Forum 5

Fareham

To Let

Offices

34,427

17,207 - 34,427

19.5

Chilcomb Park

Winchester

For Sale To Let

Offices

89,000

10,000 - 89,000

POA

Price (£)

32,500 150,000

7,278 & 8,031

POA

Offices/Industrial Size (sq ft)

Range (sq ft)

Rent pa/ psf (£)

Price (£)

Offices

27

16

POA

Price (£)

Headlines

Current Property Listings

Offices Property

Town

Tenure

Sector

Size (sq ft)

1 Troon House

Fareham

Under Offer

Offices

1,735.1

25,500

Unit 14 St Georges Business Centre

Portsmouth

To Let

Offices

523

12,000

100 Nest Business Park

Havant

To Let

Offices

3,947

49,500

Faretec

Fareham

To Let

Offices

785

17

Shore House

Portsmouth

To Let

Offices

10,320

22 Kings Park House

Southampton

To Let

Offices

4,252

Charlotte Place

Southampton

To Let

Offices

17,242

5,519 - 17,242

18.5

Fusion - Solent Business Park

Fareham

To Let

Offices

24,213

4,500 - 24,213

18.75

Suite 26-32 Langstone Technology Park

Havant

To Let

Offices

2,354

POA

Suite 26-17 Langstone Technology Park

Havant

To Let

Offices

4,711

POA

Suite 26-27 Langstone Technology Park

Havant

To Let

Offices

3,193

POA

Suite 26-30 Langstone Technology Park

Havant

To Let

Offices

3,233

POA

Templar’s House

Chandlers Ford

To Let

Offices

10,959

5,312 - 10,959

18

Ground Floor 2000 Lakeside

Portsmouth

To Let

Offices, Labs, R&D

36,682

10,000 - 36,682

20

1000/4N Langstone Technology Park

Havant

To Let

Offices

3,307

POA

1000/4SW Langstone Technology Park

Havant

To Let

Offices

6,068

POA

Unit 15 St Georges Business Centre

Portsmouth

To Let

Offices

469

12,000

Suite C 8th Floor Connect Centre

Portsmouth

To Let

Offices

571

12.5

Suite D 8th Floor Connect Centre

Portsmouth

To Let

Offices

390

POA

The Quay

Southampton

To Let

Offices

4,299

20

Second Floor, Oakmount House

Eastleigh

To Let

Offices

1,800

25,200

Brunswick Gate (First Floor)

Southampton

To Let

Offices

12,138

6,909 - 12,138

21

1 Dorset Street

Southampton

To Let

Offices

3,223

17,878 - 3,223

POA

Building 3600 The Solent Centre

Fareham

To Let

Offices

4,824

1,007 - 4,824

60,632

Second Floor, Building 3500, The Solent Centre

Fareham

To Let

Offices

8,248

107,200

Part Second Floor, Building 3500, The Solent Centre

Fareham

To Let

Offices

6,267

81,471

Part Second Floor (B), Building 3500, The Solent Centre

Fareham

To Let

Offices

1,979

27,727

First Floor Suite 2, Building 3500, The Solent Centre

Fareham

To Let

Offices

3,073

40,000

Tagus House

Southampton

To Let

Offices

4,646

19.5

3 & 4 Delta Business Park

Fareham

To Let

Offices

1,098

28

Range (sq ft)

4,450 - 10,320

Rent pa/ psf (£)

16 21

504 - 1098

12,000

Price (£)

Headlines

Current Property Listings

Offices Property

Town

Tenure

Sector

Size (sq ft)

Office 1, Ariadne House, Town Quay

Southampton

To Let

Offices

3,283

68,943

Office 2, Ariadne House, Town Quay

Southampton

To Let

Offices

2,913

61,173

Offices ABC, Beresford House, Town Quay

Southampton

To Let

Offices

3,542

65,527

Britannia Chambers South, Town Quay

Southampton

To Let

Offices

2,288

41,184

Waterside Place - First Floor, 5 Town Quay

Southampton

To Let

Offices

4,276

POA

Second Floor South Suite Anglo City House

Southampton

To Let

Offices

1,927

29,000

Wellington Gate (Ground Floor Unit D)

Waterlooville

To Let

Offices

7,500

80,000

South Building Chilcomb Park

Winchester

To Let

Offices

20,943

7,063 - 20,943

25

60-64 Church Walk First Floor Office

Burgess Hill

To Let

Offices

8,000

1,300 - 8,000

13.75

Offices - The Martlets

Burgess Hill

To Let

Offices

1,050

350 - 1,050

13.75

3-6 The Quarterdeck

Portsmouth

To Let

Offices

2,815

Former PDSA Surgery 62 Middle Street

Southsea

Under Offer

D1 (Medical / Education)

2,372

Suite C 8a Carlton Crescent

Southampton

To Let

Offices

868

8,660

Hyde Abbey House, Hyde Street

Winchester

To Let

Offices

6,316

160,000

Willis House Willis Road

Portsmouth

To Let

Offices

2,334

Suite 201 Top Floor 3000 Lakeside, Portsmouth

Portsmouth

To Let

Offices

2,525

21

First Floor Suite 1, Building 3500, The Solent Centre

Fareham

To Let

Offices

1,823

23,700

Cromwell House

Winchester

Under Offer

Offices

6,344

First Floor 4 Belfry House

Fareham

To Let

Offices

1,266

16,500

Suite 2 Crescent House

Eastleigh

Under Offer

Offices

372

POA

Unit 16 Dean Farm Estate

Fareham

Under Offer

Offices

8,887

POA

West Farm House, Cams Hall Estate

Fareham

To Let

Offices

3,323

63,000

Leroux House, Cams Hall Estate

Fareham

To Let

Offices

6,209

116,500

1500 Parkway

Fareham

To Let

Offices

5,557 - 18,123

POA

Jutland House

Chichester

For Sale To Let

Offices

485 - 1,065

POA

14 Brunel Way

Fareham

To Let

Offices

1,432 - 2,965

29,650

29

Range (sq ft)

Rent pa/ psf (£)

Price (£)

42,225 250,000

676 - 2,334

2,846 - 6,344

POA

POA

Headlines

Current Property Listings

Retail/Leisure Property

Town

Tenure

Sector

Size (sq ft)

9 Wellington Way

Waterlooville

To Let

Retail

751

15,750

12 The Montague Centre

Worthing

To Let

Retail

1,375

45,000

Locks Heath Shopping Centre

Southampton

To Let

Retail

5,000

1,000 - 5,000

POA

Churchill Parade

Rustington

To Let

Retail

2,500

500 - 2,500

POA

20A The Sovereign Centre

Boscombe

To Let

Retail

1,476

The Sovereign Centre

Boscombe

To Let

Retail

45,209

2 The Sovereign Centre

Boscombe

To Let

Retail

1,044

22,500

5 The Sovereign Centre

Boscombe

To Let

Retail

612

25,000

3 The Sovereign Centre

Boscombe

To Let

Retail

1,128

25,000

Rams Walk Shopping

Petersfield

To Let

Retail

2,000

SU27-29 Meridian Centre

Havant

To Let

Offices, Retail

5,705

34,500

248-250 White Hart Lane

Fareham

To Let

Retail

898

15,000

Unit 3 Southdown View

Portsmouth

To Let

Retail

3,012

POA

SU32B Meridian Centre

Havant

To Let

Retail

620

7,000

16 Arundel Street

Portsmouth

To Let

Retail

880

25,000

24 Arundel Street

Portsmouth

To Let

Retail

664

25,000

SU25 Meridian Centre

Havant

To Let

Retail

679

5,000

Centenary Quay

Southampton

To Let

Retail, Leisure

Unit 4 Sovereign Centre

Boscombe

To Let

Retail

948

27,500

10 The Montague Centre

Worthing

To Let

Retail

1,160

42,500

34 Wellington Way

Waterlooville

To Let

Retail

682

11,500

Unit 87 (48 Thackeray Mall)

Fareham

To Let

Retail, Restaurant

1,636

POA

Unit 76 53 Osborn Mall

Fareham

To Let

Retail

1,302

15,000

Unit 67-68 Westbury Mall

Fareham

To Let

Retail

3,649

POA

Units 1 & 2 The Montague Centre

Worthing

To Let

Retail

2,834

150,000

Unit 69 Westbury Mall

Fareham

To Let

Retail

1,281

POA

Unit 1 Zurich House

Portsmouth

To Let

Retail

2,006

30,000

Fareham Shopping Centre

Fareham

To Let

Retail

10,473

1,636 - 10,473

POA

Brewery Square

Dorchester

To Let

Retail

170,000

657 - 4,127

POA

160B Southampton Road

Fareham

To Let

Retail

11,009

165,000

Unit 26 (1 Westbury Mall)

Fareham

To Let

Retail

1,668

45,000

The Montague Quarter

Worthing

To Let

Retail

8,160

Port Solent

Portsmouth

To Let

Retail, Leisure

97-99 West Street

Fareham

For Sale

Retail, Investments

8706

95a London Road

Waterlooville

To Let

Retail

1,547

40,000

99 - 101 London Road

Waterlooville

To Let

Retail

2,823

62,500

Storehouse No 9 Portsmouth Dockyard

Portsmouth

To Let

Offices, Retail

29 Marmion Road

Southsea

Under Offer

Retail

3,659

22,162 1,084

30

Range (sq ft)

Rent pa/ psf (ÂŁ)

Price (ÂŁ)

13000 600 - 1,500

500 - 2,000

580 - 3,659

POA

POA

POA

1,640 - 8,160

POA

1,000 - 4,000

POA 1,350,000

2,261 - 22,162

POA 25,000

Headlines

Current Property Listings

Retail/Leisure Property

Town

Tenure

Sector

Size (sq ft)

Range (sq ft)

Rent pa/ psf (£)

Unit 40 The Boardwalk

Portsmouth

To Let

Leisure

4,589

100,000

49/49A (63 West Street) Fareham Shopping Centre

Fareham

To Let

Retail

2,162

45,000

East Street/Lime Street

Southampton

To Let

Retail

Mayfield Road

Southampton

Under Offer

Retail

2,180

6A Sovereign Shopping Centre

Boscombe

To Let

Retail

318

15,000

RU12 Centenary Quay

Southampton

To Let

Retail

957

POA

RU2 Centenary Quay

Southampton

To Let

Retail

104 The Hornet

Chichester

To Let

Offices, Retail

8 Market Road

Chichester

To Let

14 Pope Street Brewery Square

Dorchester

Retail Unit - 3600 Parkway, The Solent Centre

5,000 - 10,000

POA

1,085 - 2,180

45,000

Price (£)

POA 6,150

75,000

Retail

648

23,500

To Let

Retail

2,057

POA

Whiteley

To Let

Offices, Retail

2,033

12 Churchill Parade

Rustington

To Let

Retail

1,341

POA

29A The Sovereign Centre

Bournemouth

To Let

Retail

1,430

42,500

Unit B Mapmakers

Southampton

Under Offer

Retail

1,876

POA

Former St John Ambulance Hall

Lee-on-Solent

Under Offer

Investments, Residential

1,069

RU25 &RU26 Centenary Quay

Southampton

To Let

Retail

Property

Town

Tenure

Sector

The Teardrop

Portsmouth

For Sale To Let

Warehouse & Industrial, Land & New Build

11 Queensway

Southampton

Under Offer

Offices, Residential, Land & New Build

Residual Site - Furniss Way

Hayling Island

To Let

Open Storage Land, D1 (Medical / Education), Land & New Build

119 & 120-122 High Street

Southampton

Under Offer

Offices, Warehouse & Industrial, Residential, Leisure, Land & New Build

The Orchard, Cams Hall Estate

Fareham

For Sale

Development Site

1,007 - 2,033

17.5

150,000 1,723 - 2,100

POA

Size (sq ft)

Range (sq ft)

Rent pa/ psf (£)

100,000

20,000 - 100,000

POA

Development Sites

0.18 acres 5,000

Price (£)

POA 2,500 - 5,000

POA

0.5 acres

1,700,000

1 acre

800,000

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