LEASED: Following a competitive tender, nationwide insulation and drylining distributer M Markovitz Ltd agreed terms on a 10-year lease on the 40,436 sq ft Silver Point warehouse/offices at Hilsea Industrial Estate, Portsmouth. It is the company’s first branch on the South Coast. Property consultancy Vail Williams acted on behalf of Paloma Capital, a private equity real estate investor which acquired Silver Point’s long leasehold interest for £4.5 million. Pictured at the premises are Russell Mogridge, left, and Alex Gauntlett of Vail Williams, right, with Sam Lamont, sales, middle, representing Markovitz.
EXPANSION: Following a competitive tender, nationwide insulation and drylining distributer M Markovitz Ltd agreed terms on a 10-year lease on the 40,436 sq ft Silver Point warehouse/offices at Hilsea Industrial Estate, Portsmouth. It is the company’s first branch on the South Coast. Property consultancy Vail Williams acted on behalf of Paloma Capital, a private equity real estate investor which acquired Silver Point’s long leasehold interest for £4.5 million. Pictured at the premises are, from left, Russell Mogridge and Alex Gauntlett of Vail Williams, with Sam Lamont, sales, representing Markovitz.
SUPPLY: Following a competitive tender, nationwide insulation and drylining distributer M Markovitz Ltd agreed terms on a 10-year lease on the 40,436 sq ft Silver Point warehouse/offices at Hilsea Industrial Estate, Portsmouth. It is the company’s first branch on the South Coast. Property consultancy Vail Williams acted on behalf of Paloma Capital, a private equity real estate investor which acquired Silver Point’s long leasehold interest for £4.5 million.
A nationwide private family-owned insulation and drylining distributer, part of a group founded in 1935, is opening its first depot on the South Coast.
Following a competitive tender, Markovitz agreed terms resulting in the signing of a new 10-year lease on the 40,436 sq ft Silver Point warehouse/offices at Hilsea Industrial Estate, Portsmouth.
Property consultancy Vail Williams acted on behalf of Paloma Capital, a private equity real estate investor which acquired Silver Point’s long leasehold interest for £4.5 million.
Named after founder Maurice Markovitz, M Markovitz Ltd traces its roots to the Peak District in Derbyshire and employs more than 400 people.
The group encompasses eight builders’ and plumbers’ merchants, three civils depots, 11 insulation and drylining distribution centres, two luxury kitchen and bathroom studios, a specialist stove & cooker showroom, as well as a 2 A-rosette awarded restaurant with rooms.
The previous occupier was UK manufacturer Contract Candles & Diffusers, which has factories in Surrey and West Sussex.
Vail Williams has acted in the investment and leasehold interests of Silver Point, which was constructed in 1995 on a 2.5-acre site, for 26 years to date.
Russell Mogridge, Head of Agency for Vail Williams, said: “Portsmouth continues to see strong demand for industrial and logistics space; buildings with secure yards such as this are extremely rare to come by and, such was the interest, there was a competitive tender for potential occupiers.
“Markovitz has done extremely well to secure this excellent building, which is ideally located to serve the requirements of many of the trades businesses based in and around the international gateway ports of Portsmouth and Southampton.”
Alex Gauntlett, Partner at Vail Williams’ South Coast Agency Team, said: “It was a shrewd move for Paloma Capital to invest in this property, adding to their existing portfolio in the City.
“We continue to see rental growth reflecting low supply of available warehouse space, with best bids for freehold and leasehold property increasingly taking place.”
Jeremy Collin, Director and lead asset manager on Paloma’s Dove Property Fund, said: “We are delighted to have Markowitz as our new tenant at Silver Point.
“The competitive bidding during marketing shows that the demand dynamics remain strong in the Solent area, particularly in Portsmouth.
“Silver Point was an investment purchase for Paloma in late 2022 and added to our existing Portsmouth holding at nearby Interchange Park. Both properties now boast a strong occupier line up of national businesses.”
Markovitz Divisional MD Mike Davies said: “As our insulation and drylining distribution division continues to grow, we recently opened our Gatwick depot, taking us closer to the London market, and the same rationale holds for our new branch at Silver Point in Portsmouth, providing us access to the buoyant Solent region with a population of 1.25 million and 42,000 businesses.
“This is our first operational footprint on the South Coast but, as with all our branches, we have assembled a vastly experienced local team who are very much looking forward to giving excellent customer service at competitive prices.”
Silver Point at Airport Service Road has a yard measuring nearly an acre, with 29,050 sq ft of ground floor warehousing and ground and first floor offices at a combined 11,286 sq ft.
