South East Around the Market

Agents pick the most significant deals for the six months to end of October

1 Forbury Place, ReadingType of deal Office letting

Landlord M&G

Development manager Bell Hammer

Tenant SSE

Size 186,000 sq ft

Rent Undisclosed

Chosen by Duncan Campbell, director, Campbell Gordon

This transaction represents both the biggest letting in the Thames Valley for 10 years and the largest in Reading town centre for 25 years. Reading has long been seen as the “capital of the Thames Valley”, with its ability to draw in occupiers from other locations. However, this letting represents a step change in terms of the scale of this inward migration.

SSE considered a large number of geographical locations, including Bracknell and the Blackwater Valley, for this new centre before settling on Forbury Place, where it is consolidating staff from Thatcham and Basingstoke, as well as from its existing Reading site.

The company chose Forbury Place, in part, because of the quality of the building but also because Reading, as a result of its growth, is now a major transport and commercial hub. Success has led to success and all the signals are that this trajectory is set to continue.

Oceana House, 39-49 Commercial Road, Southampton

Type of deal Leasing

Landlord Bond Dickinson

Tenant PwC

Size 10,000 sq ft

Terms £16.50 per sq ft (no rent-free period, 18-month term)

Chosen by Nella Pang, associate director, JLL (Southampton)

In one of the largest lettings in Southampton city centre this year, PwC has moved to the third floor of Oceana House while its existing building at Ocean Village is refurbished. Although the letting is only short-term, it is, nevertheless, vitally important as it allows this major employer to commit to Southampton on a long-term basis, which is encouraging for the city market. It takes place against a backdrop of several key occupiers relocating out of town, including HSBC and KPMG. Limited quality buildings in the centre and scarce development are now driving landlords to refurbish properties to take advantage of increasing headline rents.

Simultaneously, Oceana House, which is let on an overriding lease to Bond Dickinson, has been sold by a private property company to Fidelity for £9.95m, reflecting a net initial yield of 8.2% – highlighting how the south coast is a target for investors exploring opportunities outside the Big Six office markets.

Polo Ralph Lauren, Gunwharf Quays, Portsmouth

Type of deal Retail letting

Landlord Land Securities

Tenant Polo Ralph Lauren

Size Upsizing to 16,695 sq ft

Rent Undisclosed

Chosen by Ian Kitchen, founding partner, Kitchen La Frenais Morgan

My choice of top deal is Polo Ralph Lauren’s recent investment in Gunwharf Quays.

As a key anchor brand, it has moved to new space in the covered part of the centre, close to North Face, Timberland, Hackett and Fossil.

As a result of this relocation it has upsized its store to one of approaching 17,000 sq ft, which is almost triple the size of its former
unit.

I see this as a great vote of confidence in the centre and a deal that underpins its growing success.

Not only does it demonstrate the brand’s commitment long-term, but the fact that it wanted to treble the size of its store is a strong statement of belief that Gunwharf Quays will continue to grow its sphere of influence as it appeals to a wider and more affluent catchment.

Polo Ralph Lauren’s move kick-started a process of attracting more premium, aspirational brands and further new openings have followed – most recently Lulu Guinness.

People, planning and peculiarities

Clooneys star in planning drama

Actor George Clooney and his barrister wife Amal are well used to drama in their professional lives, but more recently they have been at the centre of a bit of drama in the unlikely setting of South Oxfordshire district council’s planning department. First, they courted headlines with a controversial application to put up CCTV cameras on posts at their luxury home in Sonning Eye – they were eventually granted planning. Then along came their application, also ultimately successful, to build tennis courts, the previous owners of the property having twice been denied such a plan.

Afriyie eyes healthy profit

Conservative MP Adam Afriyie has put a price tag of £4.9m on his Grade II listed home in Old Windsor, Berkshire. His Westminster home is also up for sale for £16.7m and if both sell for their asking price Afriyie will pocket a £10.3m profit.

All you need is £10.5m

A piece of Beatles history will soon be no more when Sunny Heights, Ringo Starr’s former home in Weybridge, Surrey, is demolished to make way for a new home by billionaire owner Vladimir Scherbakov. But if you have a spare £10.5m you can still snap up John Lennon’s nearby former home, which is on sale via Knight Frank.

Who’s the daddy?

Eastbourne Pier was set to change ownership in October in a deal that saw Crown Entertainment Centres, whose agent is Bilfinger GVA, sell it to Sheikh Abid Gulzar of Lion Hotels. The price remained undisclosed, but his plans to become “the daddy of Eastbourne Pier”, paint it gold and cover it in LED lights were well broadcast.

Oxford plot has natural appeal

An unusual investment opportunity has been put on the market in Oxfordshire. The 30-acre site on the outskirts of Oxford has consent to be turned into a natural burial site, accommodating up to 25,000 burials. The government estimates that all 130 cemeteries in London will reach capacity within three years. The site has a price tag of £3m.