A significant freehold industrial estate of 536,063 sq ft, which was built in phases between 1970 and 2000. The industrial/warehouse element is 515,393 sq ft with unit sizes ranging from 5,000 sq ft to 98,000 sq ft. The office element is 20,670 sq ft in suites of up to 4,000 sq ft. The estate is self-contained and secure with no public rights of access, which makes it particularly attractive to certain occupiers.
It is strategically situated between Southampton and Portsmouth with Junction 11 of the M27 approx. 7 minutes drive time away. The M27 gives good access to the rest of the south coast and beyond. The tenants are mainly successful local companies involved in a range of manufacturing and distribution activities.
Fareham Reach Business Park was purchased by First Alliance Properties in March 2006, with The Royal Bank of Scotland (RBS) providing senior and mezzanine finance. In December 2013 First Alliance Properties acquired these loans from RBS, supported by a whole loan from PGIM, enabling a corporate restructuring and debt for equity swap. In April 2014 Lloyds Bank advanced senior debt to the new corporate structure with PGIM subordinated to a typical mezzanine position. Both Lloyds and PGIM were repaid in full following sale in October 2015.
General: Since 2006 multitude of lettings, leases restructured and refurbishments.
Unit 210/220 and Unit 230: Successful dilapidations claim against outgoing tenant. Completion of repair works.
Re-let Units 210, 220 and 230 to a new tenant within 2 months of becoming vacant. August 2014.
Unit 200: Removal of tenant break clause in return for agreeing to remove a fixed uplift in rent to extend fixed term by 5 years. September 2014.
Unit 700: Successful dilapidations claim against outgoing tenant. Completion of repair works.
Re-let Unit 620. April 2015.
Re-let Unit 700. June 2015.
Re-let Unit 800. July 2015.
Site: Planning consent obtained for builders’ merchant. Pre-let signed with Travis Perkins for new 20 year lease. Development now concluded and tenant in occupation.