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Quest 271 is the former Newsquest Site of local newspaper, “The Daily Echo”. Comprising an area of circa 11 acres and a bespoke development for Newsquest around 20 years ago, the site was sold for redevelopment to Salmon Property in 2021. The site is situated adjacent to the M271, being 2.7 miles from J3, M27 and 1.7 miles from the Port of Southampton. Due to the excellent location of the site and its position close to the Nursling Industrial Estate and the Port, Salmon Property wanted to develop the site for industrial and logistics use. However, the site only had existing planning permission for B1 office use. Realest was instructed to advise Royal London Asset Management on the scheme development layout and occupational market for the proposed funding and to assist the developer in securing planning permission for a new urban logistics development.
To advise Royal London Asset Management to assist them in securing Investment Committee approval for funding the proposed development with detailed occupational advice.
Realest engaged with Royal London, Salmon Property and other key stakeholders to assist in the development appraisal of the overall scheme. This included assessing the proposed development in terms of its size of units, layout, and design. We provided development and occupational advice for funding purposes, focusing on the appeal to prospective occupiers in the market considering the location, site constraints and occupier demand. This resulted in the proposal to develop three units of 40,000, 50,000 and 60,000 sq ft, with the flexibility to provide Unit 1&2, 90,000 sq ft as a single unit, which we considered to be the size range in greatest demand in this area, with excellent accessibility to the motorway network and Port.
Our in-depth understanding of the site and knowledge of local area Industrial & Logistics market enabled us to provide best in class advice in recommending the scheme expected to provide the most successful outcome. We provided comprehensive analysis of the local market, supply and demand, and latest occupier activity. Our cross over business lines enabled us to fully consider the key specification attributes of the scheme and garner additional information as to potential lease structures, rents, incentives, voids and analyse future lease events expected to impact on supply and demand, to tailor the scheme accordingly. Our robust and Director-led service gave confidence to Royal London Asset Management to enable Investment Committee approval to fund Salmon Property on the site purchase and development of a dedicated urban logistics 150,000 sq ft scheme. The knowledge and expertise provided has ensured Realest is retained as joint letting agent with LSH. We have devised a marketing strategy for implementation when we bring the scheme to market in early 2022.
Realest – Adrian Whitfield, Steve Williams
Royal London Asset Management – Matthew Barnes
Salmon Property – Paul Stoodley, James Tudor
Griffiths Eccles LLP – Chris Eccles
Salmon Property, Royal London Asset Management
Agency & Consultancy Advice
Agency, Development, Investment
Development, Investment
Property Marketing Specialists