Real estate advisors Hughes Ellard and Lambert Smith Hampton (LSH) have been awarded a flagship instruction to market a five-acre site near Winchester for office development.
Cavendish & Gloucester (C&G) Plc, a prominent player in the Hampshire commercial property market, has the go-ahead as owner-developer to design and build the 89,000 sq ft (8,268 sq m) business park at Chilcomb Park, Chilcomb, subject to pre-letting agreements from interested occupiers.
The five-acre site, dating back to the 1980s, has lain empty since 2004, when it was last used by fashion chain Pilot as a headquarters and distribution centre.
Russell Mogridge, the business space director for Hughes Ellard, which has offices in Southampton and Fareham, said: “Chilcomb Park would provide much-needed commercial space on the eastern outskirts of Winchester, helping with economic prosperity and enhancing a site which was previously used for commercial purposes but has been unoccupied for seven years now.”
He added: “We anticipate keen interest from corporates, especially as Chilcomb Park is strategically located close to junctions 9 and 10 of the M3 motorway and with lovely countryside on the doorstep.
“The site is also away from congested Winchester. With several notable exceptions, the city centre also lacks the top-end business accommodation required by larger companies with bigger budgets and higher staff expectations. Chilcomb Park, in contrast, would tick all the right relocation boxes.
“This is another flagship instruction for us in Hampshire, from a prominent player in the regional commercial property sector, and we look forward to playing a vital role in making Chilcomb Park a dynamic hub for enterprise.”
Steve Williams, Associate Director in LSH’s South Coast agency team, said: “We have seen an increase in office take-up in 2011 when compared to 2010. This improved demand is positive news for landlords in the region, marking an improvement in commercial confidence as the UK continues its economic recovery.
“As that recovery continues, our proactive marketing approach at Chilcomb Park will ensure that we capitalise on the upturn.”
Steve added: “The finished development is expected to obtain a BREEAM ’excellent’ – awarded on account of environmental and sustainability credentials.
“If successful in winning this accolade, it is believed that Chilcomb Park will be the first estate in the region to have achieved such certification.
“The green agenda is a major consideration for corporate occupiers, not only in reducing their operations’ carbon footprint but also in order to reduce operational costs.”
Among others, C&G’s developments in Hampshire include the new 17,000 sq ft (1,579 sq m) office block adjacent to Southampton Parkway railway station and the airport, which was let to HSBC Bank as a regional headquarters, and offices of 9,000 sq ft (836 sq m) at Millbrook, Southampton, let to Multitrax Management Services.
Founded in 1972, C&G specialises in acquiring sites and buildings to be upgraded across the South East, with a “distinctive vision and commitment to deliver added value”.
The current portfolio consists of more than 20 projects with an end value of £100m.
