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A lack of office space in Southampton is forcing businesses out of the city and creating opportunities for outlying towns, says property consultancy JLL. Chandlers Ford and Eastleigh in particular are thriving as business locations as they are attracting organisations that want the benefits of a business park environment, rather than a city- centre location.
One of the main attractions for businesses is the generous car parking that is available in out-of-town locations – the car parking ratio at Chandlers Ford is one per 180 sq ft compared with one per 1,000 sq ft in the city centre.
Gateway House, a 55,000 sq ft office building at Tollgate Business Park in Chandlers Ford, is now fully let for the first time, with Konica
www.a sker ic
.co.uk City companies look to town locations
Minolta, KPMG, One Insurance and most recently law firm Moore Blatch, completing the tenant lineup. JLL and CBRE marketed the building.
Nella Pang, associate director at JLL’s office in Southampton, said: “We are seeing a lot of investment into this area from developers that see the potential of places outside the main cities on the south coast. We expect this trend to continue as the lack of office space in the main urban hubs remains a big issue for businesses looking to expand or relocate.”
Emma Lockey, associate director at CBRE’s Southampton office, said: “Chandlers Ford is particularly attractive to investors as it is in a strategic location close to the M3 and M27 motorways, Southampton airport and Parkway Railway station, and offers a range of
office type and size that is unavailable in the main cities.”
The biggest and most active investor in Chandlers Ford’s commercial property sector is Troika Developments – a Dorset-based developer of industrial, retail, offices and leisure properties across the UK. Over the past five years, Troika has bought around 265,000 sq ft of office space across four buildings in the Chandlers Ford area, with JLL and CBRE advising on all four deals.
Pang continued: “Last year, around 363,000 sq ft of office space on the south coast underwent a lease renewal or new letting. Troika’s office buildings account for 73% of this figure.” ...
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THE BUSINESS MAGAZINE – JULY/AUGUST 2017
businessmag.co.uk
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