In a market challenged by a lack of large, quality industrial and warehouse space, CBRE Global Investors is to embark on a comprehensive refurbishment of one of its South Coast warehouses in order to attract expanding occupiers and improve its asset value.
Represented by commercial property consultancies, Lambert Smith Hampton (LSH) and Jones Lang LaSalle, CBRE Global Investors is to commence works at 9 Oriana Way in Nursling, Southampton, in the Spring. The project will see the warehouse, which totals 49,170 sq ft, benefit from a new service access road and 0.5 acre concrete yard, both of which are anticipated to attract logistics occupiers looking for accessibility to the M27 and Southampton Docks.
Adrian Whitfield, Director in LSH’s South Coast Agency team, commented: “For some time now, we have warned of the acute shortages in quality industrial space – particularly at the larger end of the market and especially close to the Docks. We therefore advised our client that, in order to maximise asset value and respond to market demand for grade A space, investment in a comprehensive refurbishment project would be recommended.”
Matthew Poplett, Director at Jones Lang LaSalle’s Industrial and Logistics Agency, believes: “Landlords that refurbish vacant premises have the advantage over those that leave buildings in disrepair, giving tenants the opportunity for immediate occupation. Coupled with unit 9’s location on the Nursling Industrial Estate, which is close to the docks and the M27, the new yard and refurbishment make it an ideal opportunity for any warehouse and distribution company.”
