With help of advisor Lambert Smith Hampton (LSH), Associated British Ports (ABP) has completed the purchase Marchwood and Cracknore Hard Industrial Estates from Oceanic Estates.
The estates, located on the western side of Southampton Water, are one of the largest self-contained industrial/warehouse holdings in the South East, spanning a total of 113.73 acres.
They are also two of the few in Hampshire that provide open storage use and units with self-contained yards, which is why they have attracted such occupiers such as Royal Mail, Ocado and ATS Euromaster.
Jerry Vigus, Director of Capital Markets at LSH said that they were aware of the intention of Oceanic Estates to place the asset on the market. Mr Vigus goes on to say that “With our knowledge of the sites, having been letting agents on the parks for a number of years, we are able to provide ABP with the advice required to secure the opportunity”.
Port Director at ABP Southampton, Nick Ridelhalgh, sees a good future with this estate, saying “We see the sites as providing strategic long term value and they fit well within our existing business and landholdings.
Our intention is to continue to develop the estates to increase the income and better provide for the essential B1,B2, and B8 uses that support and directly contribute to the economic success of the Port of Southampton and the wider region”.
A spokesperson for Oceanic Estates said that the transaction went smoothly and, that after 15 years of owning the site, “it was time to look at other opportunities”.
Story: Chris Grigorovsky
