Portsmouth office block is sold to property management firm

Enterprise House
Enterprise House

10 romantic Portsmouth restaurants to visit for Valentines Day

Have your say

A BUSINESS centre has been sold a year after it was first put on the market.

Enterprise House, in Isambard Brunel Road, Southsea, is occupied by companies including the Listening Company, Churchers Solicitors and Portsmouth’s UK Passport interview office.

Enterprise House is included in Portsmouth City Council’s master plan – a document which shows where the council wants to see investment being made to either modernise or redevelop parts of the city.

The 52,000sq ft office building has been owned by pension fund clients of LaSalle Investment Management for more than 15 years.

Lambert Smith Hampton was instructed to sell it, and after a round of bids from four companies, sold it to property management and development company the Ashville Group.

Jerry Vigus, director in LSH’s south coast capital markets team, said: ‘We were initially instructed by LaSalle Investment Management to market the property in the summer of 2012 but then, due to a turbulent economic market and limited investment activity, the sale was withdrawn.

‘We were approached by numerous investors at the end of 2012 and in early 2013, and due to the level of interest we were able to obtain several offers, of which Ashville Group was the successful party. The transaction completed within 10 days of agreeing the heads of terms.

‘This is the second transaction that Ashville Group has completed within the space of a few months on the south coast, following its purchase of Queens Keep in Southampton.’

Mr Vigus said the unlet business space within Enterprise House will be marketed by the LSH team in Segensworth.

He added: ‘Our office agency team has since been instructed to market available space in both properties, and to provide ongoing advice to Ashville Group on the letting of the vacant space.’

The leases on the occupied units have an average of three years until they expire.

Other tenants include First Secretary of State, Rossborough Insurance and Serco.