Project Altitude gives major boost to Hampshire's logistics market
3 February 2014
The acquisition of Altitude 303, a 185,945 sq ft (17,274 sq m) high bay distribution facility on Walworth Business Park, Andover, Hampshire by Frobisher Construction, will give a major boost to the logistics market in Hampshire and central southern Britain, which is currently experiencing a shortage of large, purpose-built warehouses due to high demand from occupiers and logistics companies.
Advised by Hollis Hockley, Frobisher Construction has purchased the property, which is held on a 130 year ground lease, from Office Depot for an undisclosed sum. The high bay warehouse, which occupies a site of 13.3 acre (5.3 ha), is to be refurbished and made available on a new lease. Adjacent expansion land is also available and could provide an additional 33.22 acres (13.44 ha) of development.
Frobisher Construction's Nigel Wolstenholme says: "There is currently dire shortage of high bay warehousing in central southern England and Altitude 303 will provide a very rare opportunity for occupiers to acquire a high bay warehouse property of up to 250,000 sq ft, together with adjacent expansion land if required."
Hollis Hockley's Andrew Newman adds: "Andover's strategic location close to the A303, A34 and M3 has made it an increasingly popular distribution centre in the South of England. Major Distribution operations currently based in the town include Southern Coop, Stannah, Britax, SSI Schaeffer, Le Creuset, Twinings, Abel and Cole and Londis.''
Steven Mitchell of joint agent Colliers International says: "The ongoing growth of online retail continues to fuel demand for large and efficient logistics facilities with good access to the motorway network. Being located between the South Coast and the Midlands, and within easy reach of London, it comes as no surprise that the availability of the property is already generating interest from the market."
The property was constructed in 1993 for WH Smiths and has an eaves height of 27 ft (8.3 m) in Warehouse 1 and 61 ft (18.7 m) metres in Warehouse 2.