The new 50,000sq ft warehouse unit on a two-acre site off Junction 9 of the M27 has been given approval by Fareham Borough Council.
Labelled as ‘J9 South’, the development will be just off Cartwright Drive in Segensworth and will include ancillary offices, car parking, a service yard, a dock and level loading constructed to an eaves height of 10m.
Marick Real Estate secured the site under the advice of commercial property specialists Lambert Smith Hampton (LSH).
Both LSH and joint agents Jones Lang LaSelle (JLL) are in discussions with a number of businesses who are looking across the south coast area.
It is estimated that the new unit will be available for occupiers by next summer.
Jerry Vigus, director of capital markets and industrial and logistics at LSH South Coast said: ‘This a major milestone for a project which will result in significant investment in the region and will go some way towards meeting the demand for space we are seeing in the mid-box market.
‘We have already experienced a high level of interest in this site due to its strategic location and the quality of the accommodation that will be on offer.’
Mike Forster, managing director of development at Marick Real Estate said: ‘We are delighted to have planning consent confirmed, having worked on securing this key site for some time.
‘We are now looking forward to completing the scheme and to welcoming its new occupier as soon as possible.’
The land was secured by Marick Real Estate from Raymarine, which had deemed it surplus to requirements. David McGougan, director at JLL said it was a ‘significant employment opportunity.’