CONFIDENCE is growing in Portsmouth’s commercial market as one of its industrial developments defies expectations.
The multi-million pound industrial and warehouse development site, Pioneer Park is at 50 per cent let just two months after opening.
The £9m project based on the Airport Industrial Estate is owned by Barings Real Estate and has been marketed by joint agents, Vail Williams and Doherty Baines.
The site achieved a 30 per cent pre-let rate before it opened in May and was the first post-recession speculative industrial development in the Portsmouth area.
This has now grown to just over 50 per cent let, with the site having just 15,000 sq ft up for grabs. The modern business park is made up of eight units and has a discounted renewable energy supply from solar PV panels, electric loading doors, mezzanine floors and fully- fitted offices.
Commenting on the project, managing director of UK asset management at Barings Real Estate Graham Barker said: ‘When we first embarked on the project, there had been a chronic lack of industrial stock due to rapid take-up after the recession.’
‘However, we knew that there was demand for this type of industrial and warehouse space and we were confident in Portsmouth as an area in which to do business.’
‘The subsequent success of this project has really proven that.’
Partner at Portsmouth-based Vail Williams Philip Holmes said: ‘We’re delighted to have advised on this development.’
‘The confidence that our clients have shown in this speculative project, and in the Portsmouth area in general, has proven to be well founded, giving the south coast a fantastic and much needed industrial facility that is already in high demand.’