Glenmore Commercial Estates (GCEL) has successfully completed the acquisition of 11 acres of freehold commercial land at Portfield, Chichester.

GCEL acquired the site from Tarmac after securing the purchase through a best bids situation. The developer was selected by Tarmac as the preferred purchaser after giving consideration to its track record and resources in acquiring sites along the south coast.

Following the acquisition, GCEL has instructed the south coast team of national commercial property consultancy, Lambert Smith Hampton (LSH), along with Henry Adams Commercial and Hughes Ellard, to advise on the ongoing development of the site.

Jerry Vigus, director at LSH’s Fareham office, commented: “Glenmore Park is an exciting project and we have already had expressions of interest from a number of major retailers, trade counter operators, hotels and local businesses that are inquisitive to find out what will be available on site. Our client is currently in the process of developing a master plan, and we hope to enter dialogue with a number of occupiers over the coming weeks to try and move negotiations forward.”

As well as being an established retail location, Chichester is also home to a number of major occupiers including Rolls Royce Motor Cars, which acquired approximately 600,000 sq ft. John Wiley Publishers, Princes Foods and Philips Respironics are all major employers in the city. Glenmore’s site is in a prominent position fronting the A27 at Portfield, with neighbouring occupiers including Sainsbury’s, Homebase, Halfords, Carpetright, Currys, PC World and McDonalds.

Vigus added: “GCEL is keen to acquire further sites along the south coast and has the cash resources available to do so. This positive activity highlights a changing market sentiment as we come out of the recession, and promotes an optimistic outlook for the region.”