Acting on behalf of First Alliance and West Register, national commercial property consultancy Lambert Smith Hampton (LSH) has secured the letting of Speedwell House on Speedwell Close in Chandlers Ford and the lease re-gear of Erith House on Warrior Close, Chandlers Ford, to CooperVision UK Limited.
CooperVision has occupied Erith House for around 15 years and is one of the largest employers on the South Coast, with its head office located in Hamble and a distribution facility housed on the Segensworth Estate. The company has taken the opportunity to re-gear its lease and expand its operations by taking the neighbouring building, Speedwell House, on a new 15 year lease. A rent of £6.50 per sq ft has been agreed.
CooperVision uses its Chandlers Ford premises for the production and R&D of contact lenses. Confirming the company’s commitment to the area, CooperVision is to invest substantially in improving its facilities.
Jerry Vigus, Director in LSH’s South Coast team, commented: “Speedwell House had been on the market for around nine months, after the previous tenant – Matthew Clarke – vacated the property. Our clients, First Alliance and West Register, carried out a refurbishment programme on the property and, due to the lack of stock in the area, a number of potential tenants expressed an interest in the unit before terms were agreed with CooperVision.
“Our clients are also the landlords of the neighbouring unit at Warrior Close, and we took the opportunity to re-gear the leases to ensure they ran co-terminus for a term of 15 years.”
As part of the transaction it was agreed that CooperVision would be carrying out substantial works to the units, particularly at Speedwell House which will be re-roofed, re-clad and have new windows and doors.
Jerry concluded: “The letting of these units and the commitment that CooperVision is making in the area further emphasises the lack of available properties on the South Coast. As a result of the shortage, tenants are taking the opportunity to secure properties while they can and are committing to longer leases. There are only four units above 30,000 sq ft available along the South Coast, with other occupiers with requirements for similar-sized units having to look at ‘design & build’ opportunities in order to secure suitable premises.”
