National commercial property agents, Jones Lang LaSalle and CBRE have completed the largest office occupier transaction in the Southampton area since Carnival took possession of their new offices in the city centre over 3 years ago.
Acting on behalf of LaSalle Investment Management, Jones Lang LaSalle has sold the circa 90,000 sq ft Portswood House on Hampshire Corporate Park in Chandlers Ford to Insurance company Ageas in partnership with Troika.
Portswood House was formerly the headquarters of B&Q, who had occupied the premises since their construction in 1985. Following B&Q’s vacating the premises in September 2011 to move into their new purpose-built headquarters on the other side of Bournemouth Road, Jones Lang LaSalle have had interest in the premises from a number of parties, confirming this as one of the most popular business locations on the South Coast.
Andrew Miller, Associate Director of LaSalle Investment Management, commented: “We have considered a number of options for Portswood House, including redevelopment, but all involved some risk, considerable expenditure and time delay. A straight-forward sale to an occupier, was the best course of action to maximise value for our client”.
Nick Tutton Associate Director at CBRE who advised Ageas on the purchase commented “Following B&Q’s relocation last year, the availability of Portswood House gave Ageas the perfect opportunity to acquire a building suitable for future expansion close to their existing offices. The building will now undergo a comprehensive refurbishment program to provide a modern and quality office building for Ageas’s occupation”.
Jason Webb, Director at Jones Lang LaSalle in Southampton who acted for LaSalle Investment Management commented “This is one of the most important office transactions in recent years. Many buildings of a similar age in the Southampton market have been lost to alternative uses, and it is also good to see a locally based international company expanding in the area. The property’s fundamentals of good location, large floor plates and excellent car parking have helped to set it apart, and ensured its continued employment”.
