A STATE-OF-THE-ART industrial complex on the former Pfizer site in Havant has moved one step closer to reality as demolition work has been completed.
The site, in Stanbridge Road, has now been given planning permission from Havant Borough Council.
Barwood Capital and Taurus Developments are behind the proposal to build a new 120,000sq ft building, called Velocity, on the site of the former distribution centre on New Lane Industrial Estate.
The redundant buildings that once stood at the five-acre site have now all been demolished, leaving it ready for immediate development.
The move has been welcomed by councillor David Guest, who is in charge of planning and development at the council.
He said: ‘It is extremely good news that people are investing in the town and creating jobs, adding to the local economy.
‘I’m very supportive of the plan as it is very positive for the local economy.’
Dependent on occupier requirements, the site will either be built as one building or flexible multiple units.
Ed Henson of Barwood Capital said: ‘Progress continues to be made at Stanbridge Road and the site is now fully prepared for development.
‘Velocity is a key development for our investors as we look to deliver superior returns through the development process.’
Michael Gibbens of Taurus Developments added: ‘The market continues to struggle with lack of supply of mid-sized and larger quality industrial stock.
‘We now have a cleared site ready for development and a planning application that allows us to build up to 120,000sq ft of space with a minimum eaves height of 12m.
‘With Barwood Capital fully funding the development, we can move quickly in response to increasing activity in the occupier market.
‘With Havant town centre set for major redevelopment, this is a prime employment site both for Havant and the wider M27 and A3(M) corridors.’
CBRE and Colliers International are the appointed letting agents on the scheme, which is the first joint development acquisition for Barwood Capital and Taurus Developments.