Delancey fully lets first two phases of its sustainable industrial development near Portsmouth
19 July 2023, London: Delancey, the UK-focused real estate investment and development advisor on behalf of its clients, announces that it has fully let Phase 1 and 2 of Proxima Park, its new industrial development located four miles north of Portsmouth, Hampshire.
Kite Packaging Limited, a leading UK packaging supplier, has leased the 41,570 sq ft Unit 320 on a 15-year lease, with a tenant only break in year 10. In total, Phase 1 and 2 comprises 15 units with 189,000 sq ft of space let to tenants including Rentokil, Pelham Healthcare and Coopers Fire.
All units incorporate numerous sustainability features to reduce carbon usage and are rated BREEAM ‘Excellent’ and EPC A, while ample bicycle spaces and EV parking bays encourage tenants to commute using environmentally conscious transport methods.
Proxima Park is strategically located in the heart of the established Waterlooville town industrial area, two miles from the A3(M) and seven miles from the M27, which enables access to over 1.5 million people within a 45-minute drive. The site spans 24 acres and Phase 3 of the development offers a further 284,000 sq ft of new grade A industrial & logistics space, with outline planning consent already in place.
Matt Ellis, Asset Manager at Delancey, commented: “Occupier demand for best-in-class industrial space with excellent sustainability credentials remains high, which is demonstrated by the lettings success we have seen at Proxima Park. Its prime location near major transport arteries is essential for the range of high-quality tenants already in place at the site and this latest letting, to Kite Packaging Limited, means Phase 1 and 2 are now fully let. Phase 3 will comprise several speculative and build-to-suit units and we look forward to progressing these alongside our future tenants to deliver best-in-class space that meets their specific requirements.”
[Delancey was advised by CBRE and Vail Williams, in conjunction with Equation Properties].
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Note to Editors:
Delancey is an independently owned real estate investment and development advisor with a strong track record built over 25 years. Experienced in all aspects of the residential and commercial sectors in London and across the UK, Delancey sources and negotiates direct property and corporate transactions, advises on appropriate capital structures, procures third party financing and provides pro-active asset management and development services.
Recognising the importance of responsible investing, Delancey is committed to delivering commercial outcomes that also make meaningful contributions to society and actively contribute to sustainability.
Identifying opportunities that deliver landmark real estate, Delancey is credited for its role in the lasting London 2012 legacy in East London. Following the 2011 acquisition of the former Athletes’ Village, Delancey client funds and its partners pioneered the UK’s build to rent sector through establishing Get Living PLC and are delivering more than 3,000 homes at the multi-award-winning neighbourhood now known as East Village. Across the Olympic Park, Delancey has transformed the former Press and Broadcast Centre into Here East, a thriving digital campus, and established Plexal, an innovation centre and coworking space that forges connections between industry, government and academia to tackle some of the biggest challenges facing society.
Delancey has also been responsible for high profile transactions including the £1.1bn acquisition of Minerva PLC; the acquisition and growth of dbsymmetry, one of the UK’s largest logistics development platforms; the repurposing of the iconic Dickens & Jones department store on Regent Street into a retail, leisure and office complex; the redevelopment of the Rolls Building for the new UK Commercial and Business Courts; the acquisition and growth of Alpha Plus Group, now one of the UK’s largest private schools providers; the joint venture creation of MetroBox, a new platform that looks to take advantage of the structural shift in the retail and logistics property markets; and most recently the acquisition of Earls Court, 40 acres of zone 1 redevelopment land in central London.
Extending its international reach, Delancey established NW1 Partners in 2017 to source real estate investment and development opportunities across the US, UK and Europe, providing access to multiple sectors, which include residential, industrial logistics and urban retail.
Delancey has an extensive history in advising discretionary and non-discretionary capital, involving trusted partners when they can bring operating expertise, capital or access to direct and indirect property investments. Notable joint venture partners include APG, AVIVA, H.M Government, Oxford Properties, Qatari Diar, Santander, Scottish Widows, The Crown Estate, The Portman Estate, Land Securities Group, ARES, TIAA-CREF, Tritax, Alecta, Allianz, Local Pensions Partnership, Munich RE and British Land.
Delancey is a Registered Investment Advisor with the US Securities & Exchange Commission (SEC), and a firm authorized and regulated by the UK Financial Conduct Authority (FCA) and operates at the highest level of governance, within a robust internal control environment, with an approach dedicated to providing investors with the highest quality of service, transparency, communication and reporting, and an overarching objective to act in the best interests of our advisory clients.