Plans are underway to redevelop a 16.5-acre logistics site let to a subsidiary of pharmaceutical giant Pfizer.
Property company Kingsbridge Estates and Bridges Fund Management have bought the site, on New Lane in the Hampshire town of Havant, from Pfizer subsidiary John Wyeth & Brother, the site’s occupier, for an undisclosed sum.
John Wyeth & Brother will take a short-term lease on the site’s 300,000 sq ft of manufacturing and distribution space before moving to a new location.
The buyers expect to submit a planning application early next year for a redevelopment of the site into a new logistics and industrial scheme.
Chris Fry, chief executive of Kingsbridge Estates, said: “Our plans, which will be shared shortly for public comment, will demonstrate our ambition to help meet local demand for high-quality industrial and logistics space. We see this investment as complementary to other regeneration projects that are being undertaken in Havant.”
The new development will target an “Excellent” BREEAM rating. Henry Pepper, investment director at Bridges Fund Management, said: “Across the UK, we’ve seen growing demand for industrial and logistics space as business adapts to changing consumer habits.
“We’ve also seen from our own extensive experience of redeveloping industrial sites that a focus on sustainability not only minimises environmental impact; it also benefits tenants directly via reduced costs and improved wellbeing.”
Kimmre and Lambert Smith Hampton represented Kingsbridge and Bridges, while CBRE represented John Wyeth & Brother.
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