COMMERCIAL property specialists at Lambert Smith Hampton have welcomed the sale of a key site off the M275 that will enable Portsmouth International Port to expand its business.
Guy Jackson, associate director of LSH’s South Coast industrial property team, said the sale of the former Eberhardt Signs building will boost the city’s economy and give the prominent area close to the motorway a new lease of life.
Acting on behalf of a private client, LSH – which has offices in Fareham and Southampton – transacted the sale of the building, in Prospect Road, to Portsmouth City Council.
The two-storey 13,213 sq ft building will be used for operations by the council-owned port, with the authority’s MMD Shipping Services set to move in by early 2019.
Mr Jackson said: ‘This is a key site at the gateway to the port and we are delighted to have been able to secure the sale of the building to Portsmouth City Council.
‘The building is in a prominent position off the motorway and it will be great to see it brought back into full use for the benefit of the city.
‘The port is the lifeblood of Portsmouth’s economy and we are pleased to have been able to play our part in its growth.’
Councillor Ben Dowling, cabinet member for planning, regeneration and economic development, said: ‘This is a key investment in a strategic Portsmouth site.
‘This purchase will enable future growth of port-related activities which will drive economic prosperity into the city for residents and businesses.’
Joint agents for the scheme were Holloway Iliffe & Mitchell.