40 property Aqua proposed for West Quay Road


CBRE and GVA have been appointed to act as joint letting agents for Development Securities’ proposed £20 million, 60,500 sq ft central Southampton office development.


The seven-storey scheme, known as Aqua, will be located on West Quay Road between the Premier Inn hotel and Carnival UK’s new headquarters building. Development Securities is to develop the office block on behalf of the local authority and it will see the completion of the regeneration of West Quay III.


Development Securities director Julian Barwick said: “Once complete, Aqua will be the best new office development in Southampton, which currently has a limited supply of high-quality commercial space. The final phase of West Quay’s regeneration is underway and once complete will provide a great location for businesses.“


Change and growth on the agenda


Real estate businesses, professionals, local authorities and planning agencies met at the Ageas Bowl for the second South Coast Real Estate Network event.


The event, jointly hosted by BDO, Blake Lapthorn and Lambert Smith Hampton, focused on how legislative planning changes under the coalition government could offer real opportunities for the region.


John O’Donovan, director at planning and design consultants Turley Associates, said: “There are numerous imminent changes to the planning regime which will create and change opportunities in the industry here on the south coast. The development industry must be alive to them.“


The Government has a strong growth agenda for the sector. The National Planning Policy Framework (NPPF) published in March highlights major opportunities for including policies designed to increase housing delivery, provide more flexibility for office development outside town centres, open market and affordable rural exception sites, and green living and business neighbourhood plans.


However the NPFF is opposed by a number of MPs, the Campaign to Protect Rural England and the National Trust among others, who argue that the document is too vague and, with the default ’yes’ response to proposed development and less focus on brownfield sites, the changes pose a real risk to greenfields and open spaces.


22% footfall increase for Eastleigh centre


A major shopping and leisure destination in Hampshire which attracts 8.5 million visitors a year has a new agent flying the flag for retail lettings. Hughes Ellard has been appointed by PRUPIM, a top 20 global real estate fund manager, to market the covered Swan Shopping Centre at Eastleigh.


The centre, which has 54 retailers and directly employs 35 people, is 400,000 sq ft, including an additional 120,000 sq ft of leisure space built three years ago.


Dee Buffone, the Swan Centre manager, said: “The Centre is very much punching above its weight these days, appealing to visitors perhaps unable or unwilling to undergo the inconvenience and cost of travelling into either Southampton or Portsmouth.


“Last year alone we recorded a significant 22% increase in footfall to the leisure complex, amounting to 2.5 million people. In these


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economically straitened times, this is highly encouraging, and we’re seeing a higher percentage of professionals coming through the doors as well.“


The Localism Act, draft National Planning Policy Framework (NPPF) and the Community Infrastructure Levy (CIL) are all driving change in the sector. The CIL, which has already been adopted by Portsmouth, Havant and Southampton, to be implemented differently by each authority, is a key concern.


Added O’Donovan: “There are potentially significant effects on investment and development decisions, and we need to continue to work very closely as a sector to make this pay for the south coast region.“


Head of real estate at BDO in Southampton Chris Driver concluded: “We are seeing the biggest shake-up in planning in more than 50 years. The number of attendees reflected the keenness of those working in the sector to understand exactly what the challenges and opportunities will be.“


K100 takes trade park occupancy to 90%


A thriving trade park in Portsmouth has reached 90% occupancy with the latest arrival. K100, a home lifestyle design-and- supply specialist, has signed a 10-year lease on 650 sq m on units 3 and 4, a double- fronted showroom at Mountbatten Business Park, Jackson Close, Farlington.


Commercial property agencies Hughes Ellard and Vail Williams acted jointly in the deal on behalf of business park owner Ashtenne Industrial Fund, headquartered in London.


The firm, headed by Steve Anam, marks a hat-trick of deals on the park. Halfords Autocentre has taken a 290 sq m unit, while Hooper Services, industrial cleaning equipment specialist, has relocated from a neighbouring unit to larger A3, which is nearly 699 sq m.


THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MAY 2012


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