LaSalle Investment Management announces that, on behalf of a pension fund client, it has completed the sale of Portswood House on the Hampshire Corporate Park in Chandlers Ford to insurance company, Ageas.
The circa 90,000 ft² (approx. 8,400 m²) office building was formerly the headquarters of B&Q, which had occupied the premises since their construction in 1985. The sale marks the largest office occupier transaction in the Southampton area since Carnival took possession of their new offices in the city center over three years ago.
Following B&Q's move to its new purpose-built headquarters on the other side of Bournemouth Road, there was interest in the premises from a number of parties, confirming the site as one of the most popular business locations on the South Coast.
Andrew Miller, Associate Director of LaSalle Investment Management, commented, "We considered a number of options for Portswood House, including redevelopment, but all involved some risk, considerable expenditure and time delay. A straight-forward sale to an owner-occupier, at a good price, was the best course of action for our client".
Jason Webb, Director at Jones Lang LaSalle in Southampton, who advised the vendor said: "This is one of the most important office transactions in recent years. Many buildings of a similar age in the Southampton market have been lost to alternative uses, and it is also good to see a locally based international company expanding in the area."
CBRE represented the buyer.
Source: Citigate Dewe Rogerson