PROPERTY DEAL OF THE YEAR
Sponsored by
Winner: Marchwood Industrial Estate
Tiff Needell revealed a generous charitable boost from the 360- plus diners of £3,607.60 to The Rainbow Centre funds before announcing the three finalists for the Commercial Property Deal of the Year:
• Dunsbury Way, Havant – Dwyer plc/Hellier Langston
• Marchwood Industrial Estate, Southampton – acquisition by ABP
• Royal London Park, Hedge End
The deal at Dunsbury Way in Havant represents 12 years’ hard work by Dwyer plc (Ashenden Properties) and commercial agents Hellier Langston. In 2004 Dwyer bought the 20.4-acre former Procter & Gamble manufacturing site. With Barratts taking half to build around 200 homes, Hellier Langston identified occupier Total Logistics for 107,000 sq ft of warehousing. With a further 20,000 sq ft taken up, only 1.4 acres employment space remained. Major company Mipa Paints is now relocating to the site – a welcome development for Havant Borough.
ABP (Associated British Ports) has developed the Port of Southampton into one of the UK’s most successful – Europe’s leading turnaround cruise port; No 1 UK vehicle handling port. With five terminals at capacity and limited expansion capability ABP was exploring options for growth. Property consultants Lambert Smith Hampton saw 100-acre Marchwood Industrial Estate, on Southampton Water opposite the container port, as ABP’s opportunity. The outcome was a £90m acquisition, strengthening ABP’s commitment to Southampton, unlocking its growth plans, and securing long-term local employment.
Royal London Asset Management had a dilapidated industrial unit nearing the end of its 25-year lease. Property consultants
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Lambert Smith Hampton identified its redevelopment potential, and discovered a new tenant in the Peter Cooper Motor Group, willing to relocate from its cramped Hedge End site. The move to its new £2.5m showroom, providing main road visibility and development scope, has enabled Peter Cooper to add 25 jobs. Royal London gained rental uplift, a long-term lessee and increased property capital value.
Nick Leavey, partner and head of commercial property at law firm Coffin Mew, had the category sponsor’s honour of announcing the winner – the Marchwood Industrial Estate acquisition by ABP.
Arguably, it wasn’t the difficulty or financial size of the completed deal that drew the judges’ attention, but its long-term strategic importance to the region.
As Graham Holland, South Coast head of office for Lambert Smith Hampton who advised on this deal, commented later: “In many ways it was quite simple because we had a willing seller and buyer, but the site was an integral part of a very big jigsaw – a strategic site adjacent to the port, one of the few areas of land that could be bought.”
With business growing and its western docks filling up, it was very difficult for ABP to ignore the opportunity when the chance to buy Marchwood arose.
“We knew that, the vendors knew that; it was then a question of securing the best deal for our client (ABP),” explained Holland.
While the deal needed to be done, the Marchwood acquisition now has largely long-term importance for ABP – in both past and future directions. It ensures the centuries-old continuation of Southampton Water operating as a commercial port, while securing a major provision of employment and expansion space in the Marchwood area.
THE BUSINESS MAGAZINE – SOLENT & SOUTH COAST – SEPTEMBER 2016
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