Multi-million industrial and warehouse development at Pioneer Park in Portsmouth has defied market expectations at 50% let, just two months after opening.
The £9 million project, developed by leading industrial and warehouse development business, Chancerygate, is based on Portsmouth’s premier industrial hub at the Airport Industrial Estate.
The site, owned by a client of Barings Real Estate, has been marketed by joint agents, Vail Williams and Doherty Baines.
It was the first post-recession speculative industrial development in Portsmouth and achieved a staggering 30% pre-let rate before opening in May.
Now at over 50% let to businesses including Bishops Move, Carillion Industrial Services and nationwide distributor of insulation and interior building products, CCF, the 75,000 sq ft development boasts a strong pipeline of enquiries, with just 15,000 sq ft remaining.
Portsmouth based property advisers, Vail Williams, together with Doherty Baines, initially advised on the sale of the land and were then retained to advise in relation to market and rental demand to support the development.
Drawing upon the firm’s acquisitions and disposals, lease advisory, property valuations and business rates teams, Vail Williams also advised on the building specification and secured a number of pre-lets and pre-sales, through its targeted marketing campaign.
Speaking of the project, Graham Barker, Managing Director – UK Asset Management at Barings Real Estate, said: “When we first embarked on the project, there had been a chronic lack of industrial stock due to rapid take-up after the recession.
“However, we knew that there was demand for this type of industrial and warehouse space and we were confident in Portsmouth as an area in which to do business. The subsequent success of this project has really proven that.
“We’d like to thank the teams at Vail Williams and Doherty Baines for their expert knowledge and insight into the market in this area, as well as their wider work to market the development to potential new tenants.”
Made up of 8 units, the facility is a best-in-class development with a discounted renewable energy supply from solar PV panels, full height electric loading doors, mezzanine floors, fully fitted offices and class leading environmental credentials.
Philip Holmes, partner at Portsmouth-based Vail Williams, added: “We’re delighted to have advised on this development.
The confidence that our clients have shown in this speculative project, and in the Portsmouth area in general, has proven to be well founded, giving the south coast a fantastic and much needed industrial facility that is already in high demand.”
Pioneer Park was funded by clients of Barings Real Estate and was developed by Chancerygate.
For more information about Pioneer Park, visit https://www.vailwilliams.com/properties/pioneer-park-portsmouth-888