A new retail development serving nearly 5,000 people on site at a thriving business park in Portsmouth is close to calling ‘full house’.
In a deal through regional commercial property agency Hughes Ellard, 23.5 Degrees, a franchisee for Starbucks, has let Unit G at Central Square Retail Hub at Lakeside North Harbour.
With the letting, six out of the seven units are now occupied.
The arrival of the Starbucks store, which opened on Monday (February 17), means Central Square is virtually fully occupied just months after the development, which adjoins Lakeside’s glass-fronted anchor office, Building 1000, was completed.
Other occupiers are convenience store Co-op, a Co-op florist, dry cleaner Pressing Needs and hairdresser Hair Ott. Two further units are under offer to Subway sandwich bar and an independent beauty salon.
Tim Clark, the retail specialist with Hughes Ellard, the sole agent for Central Square and with offices near Portsmouth and in Southampton, explained the development’s popularity.
He said: “Commercial interest in Central Square’s units has been phenomenal and we expect to be able to call ‘full house’ within months of this retail hub being completed.
“Occupiers have been drawn to the fact that there are nearly 5,000 people at the Lakeside campus, with 2,100 working on site and a further 2,750 members of staff at the IBM complex, let alone day visitors. The potential for receptive footfall is tremendous.”
Lakeside, just off Junction 12 of the M27, is owned by commercial property development company Highcross, which has a 32 million sq ft portfolio of workspace and offices, business parks and industrial estates.
Nick Turner, the asset management director at Highcross, said: “We are delighted with the level of occupancy at Central Square which is another successful chapter here – and there are more to come.
“The business park, with 120 acres of mature landscaped gardens and a lake, also has planning consent for a further one million sq ft of office accommodation.
“In addition, the business park is also home to a children’s nursery and a Porsche dealership, while De Vere Group has recently been granted consent for the construction of a 124-bed business hotel.”
Joint agents for Lakeside, which has more than 100 companies on site, are Hughes Ellard and Vail Williams.
Burns Property Consultants acted for 23.5 Degrees.
