Pre-let Secured Case Study - Pioneer Park

Challenge

Having advised on the initial sale of land at Pioneer Park in Portsmouth, Vail Williams was appointed by Chancerygate, and subsequently Barings Capital, to advise on the development of an industrial scheme there.

Based on Portsmouth’s premier industrial hub at the Airport Industrial Estate, the development was the first post-recession speculative industrial development in Portsmouth.

How we helped

• Drawing upon experts from across our business space, development, lease advisory, property valuations and business rates teams, we provided development viability expertise, advising on the building specification, as well as marketing the units to secure pre-lets and pre-sales
• The project was instigated by Chancerygate, then sold to Barings Capital, at a difficult time for the property market, following the recession
• Portsmouth was suffering from chronic lack of investment in industrial and warehouse properties. We provided a development viability report to inform our client’s investment plans, including market and rental demand to support the development
• Taking on board the market insight provided by Vail Williams, the client went ahead with the speculative development
• We provided building consultancy expertise to inform the building specification
• Marketed the resulting units through a targeted marketing campaign.

Results

• Created a best-in-class industrial facility for Portsmouth
• Provided a much-needed boost to the south coast and a much-needed industrial facility in high demand
• Boasted excellent build quality, with discounted renewable energy supply from solar PV panels, full height electric loading doors, mezzanine floors, fully fitted offices and best possible environmental credentials
• Despite the challenging market, we secured several pre-lets and pre-sales
• Completed to specification, with our agency team achieving 30% pre-let before opening
• This increased to 50%, with the addition of Bishops Move, Carillion Industrial Services and nationwide distributor of insulation and interior building products, CCF.