Royal London Asset Management Property and Graftongate have bought a site in Fareham, Hampshire, to deliver an industrial facility for an aerospace sector occupier.
The 24-acre Abbey Works site has been purchased from owner-occupier Eaton.
The project has a gross development value of £140m and will see the developers partner with Eaton, which manufactures, repairs and tests aircraft components for Boeing and Airbus, to create logistics and advanced manufacturing space.
Matt Price, general manager of Eaton’s fuel systems business unit, said: “It is the first step in our plans to redevelop our fuel systems business and transform the way we manufacture, deliver, and develop our products to serve our customers.”
The Fareham site, located between Southampton and Portsmouth, is well positioned to attract traditional logistics and e-commerce operators as well as advanced manufacturers.
Matthew Barnes, senior asset manager at Royal London, said: “Opportunities of this scale are rare in the South Coast market, and we are looking forward to working with Graftongate to progress it.”
Royal London Asset Management Property and Graftongate were represented by DTRE; Eaton was advised by CBRE.
Photo from Royal London Asset Management
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