Segensworth: LSH letting demonstrates speculative development success

Following Aviva’s speculative development of Unit 5 Kites Croft Business Park, in Segensworth near Fareham, Lambert Smith Hampton (LSH) has secured a Yorkshire-based aeronautical manufacturing occupier, Velocity Composites, which will be using the space to open a southern branch.The unit comprises 9,536 sq ft of distribution and office space and the tenant joins existing occupiers including: Royal Mail, Estée Lauder, Turbocam Europe and HM Coastguard.

Aviva was confident in building speculatively, given the strong demand for quality stock in the region and the speed of this letting demonstrates the soundness of this decision, said LSH. Interest is also high for Unit 10 which is available immediately.

Velocity Composites required a site close to GE Aviation in Hamble and, as one of the premium estates along the M27 corridor, Kites Croft was the perfect fit, providing immediate access to the road network and a modern and well-designed estate.  

Guy Jackson, senior surveyor at LSH’s Fareham office, commented: “This letting demonstrates that the occupier market is still strong in the South Coast region. We've worked closely with Velocity Composites over the past 12 months to ensure they took occupation upon completion of the build."

Ben Lomax of Aviva Investors added: “We are delighted with the quality of the finished units at Kites Croft which is reinforced by the immediate letting of Unit 5 and the strong interest in Unit 10. We are committed to the South Coast as a strong industrial location and are pleased to add these two units to the 1.5 million sq ft of industrial property that we already hold there.”

Lambert Smith Hampton acted as joint agent with Hellier Langston.