Chichester: Business park to expand after huge market interest

Huge demand has led to all the new units at a Chichester business park being snapped up – and developers are now set to expand it further.

Landlord and developer Glenmore Group began work on building 37 new units at Glenmore Business Park at Portfield Works, Chichester, last year. The units were built speculatively without a single deal in place and completed just six months ago, but south coast commercial property specialists at Lambert Smith Hampton (LSH) report that every one is now sold, leased or under offer.

Indoor trampolining company Flip Out has taken the largest unit of 22,610 sq ft, while World of Books, one of the largest internet booksellers in the UK, has taken a 10,000 sq ft space for warehousing and office use.

All the smaller units will be occupied by businesses based in the region, or have been bought as investments to be rented. These units fetched market record freehold sale prices of £135 per sq ft, demonstrating the high level of demand.

The scheme has been so successful that planning permission has now been granted for a second phase, adding a further 40 small industrial units ranging from 900 sq ft to 2,025 sq ft, along with one 10,870 sq ft and one 22,534 sq ft detached unit, and a terrace of three units comprising a total of 15,792 sq ft. All units have B1, B2 and B8 planning consent for general industrial, storage and distribution use.

LSH was joint property agent for the first phase alongside JLL and Chichester-based Henry Adams.

Guy Jackson, associate director, industrial at the south coast offices of LSH, said: “A speculative expansion on such a large scale showed real confidence in the market.

“The speed at which these units have been leased or sold along with the prices they are fetching demonstrate that this confidence was well-placed. We are pleased that our expertise and knowledge of the market have played a part in achieving this outstanding result for Glenmore.”

Martin Trundle, head of the commercial department at Henry Adams, added: “It is clear that the excellent location and quality of the units at Glenmore Business Park make the site extremely popular with occupiers as demand for small to mid-sized commercial space in the region remains high.

“We very much look forward to the second phase of the development which will further underline both Glenmore Business Park and the Chichester area’s reputation as a thriving hub for businesses in the south.”

Daniel Rubin, managing director at Glenmore Group, said: “I am delighted with the success of Glenmore Business Park, which is clearly meeting a need for good quality business accommodation in and around Chichester.

“We are now working on getting under way with the second phase of development which will go further to meet the demands of local businesses.”