Unit is put on the market as search starts for owner

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WORK has been completed on the only industrial unit in the region to be built without knowing who the tenant or owner will be.

Zenith House is the latest development by Glenmore, a London-based company with business parks and industrial estates across the south of England.

The detached property at Lederle Lane, Gosport, is being marketed freehold or leasehold by agents Hughes Ellard, Jones Lang LaSalle and Lambert Smith Hampton.

Zenith House, at 954 sq m (10,268 sq ft), comes with fully-fitted offices and 23 car park spaces. Ground works began on the speculative space at the end of last year and practical completion has just taken place.

Russell Mogridge, the business space director at Hughes Ellard, which is based in Fareham, said: ‘It was only a matter of time before a forward-thinking company such as Glenmore responded to the pent-up demand for industrial space locally from expanding companies.

‘There is a distinct lack of industrial space in the region because so many developments were shelved during the six-year recession.

‘Glenmore had already successfully tested the local market with another speculative warehouse build two years ago. Apex House, at 1,152 sq m (16,373sq ft), by Zenith House, was soon occupied by Crewsaver, which designs and manufactures marine safety equipment.’

Tony Morpeth, a director at Glenmore, said: ‘Given the demand for quality warehouse space and the absolute lack of new freehold industrial buildings in the area, we anticipate Zenith House being either bought freehold or leased very quickly.

‘With a strengthening economy, and ultra-low interest rates, we are seeing owner-managed businesses looking once again to property ownership, to help serve their pension funds.’

Zenith House is guided freehold at £1.025m or leasehold at £80,000 per annum.

Glenmore owns a number of other centres in Hampshire, including The Glenmore Centre in Gosport.