The Southampton office of international property consultants Jones Lang LaSalle, jointly with Lambert Smith Hampton (LSH), have let the final two units at ING Real Estate Investment Management’s (“ING REIM”) Southampton Trade Park 12 months after its purchase in November 2010.
ING REIM acquired the 64,691 sq ft estate which comprises 12 industrial trade units, nine of which were vacant. After repositioning the park and undertaking a very proactive marketing campaign Jones Lang LaSalle and Lambert Smith Hampton have completed a series of lettings to occupiers Auto Windscreens, City Safe, Cleaning Supplies Direct, Novosail, Poingdestres, Hydroscand and Carpet Range.
Jones Lang LaSalle completed the final two lettings to Rexel UK Limited, t/a Newey and Eyre, who have taken Units 7 and 8 which total 8,190 sq ft on a new 10 year lease. Rexel within the UK is a business-to-business distributor of electrical installation supplies. They focus on the industrial MRO (Maintenance Repair and Operations), safety and electrical markets. In each of these markets, Rexel satisfies customers’ demand for improved productivity through innovative services, products and partnering.
Matthew Poplett, Director in Industrial and Logistics Agency, at Jones Lang LaSalle’s Southampton office said “The estate is very well located just off Third Avenue and Millbrook Road West, close to Southampton city centre and the bottom of the M271. The area is seen as the main trade counter location in Southampton and we were confident when instructed by ING REIM that we could let this estate within a very short timescale.”
Adrian Whitfield, Director in LSH’s South Coast Agency team, added: “This is obviously positive news for our client, kick starting the New Year with 100% occupancy. The proximity of the scheme to Southampton Docks has been just one of the key drivers behind the successful run of deals in 2011, coupled with the client’s flexible approach to accommodating tenants’ differing occupational needs.”
Gary Moore, Fund Manager at ING REIM commented “The final two lettings have brought this extremely successful letting campaign to a close. Jones Lang LaSalle and Lambert Smith Hampton have done a fantastic job in letting 9 units within 13 months in the current economic environment. The estate is now well positioned to perform for the Fund”.
