Wrenbridge and Fiera Real Estate (“FRE UK”) are delighted to have broken ground at their multi-unit Grade A industrial scheme, Sonar, in Portsmouth. Built in the heart of Hilsea, the 4.5-acre industrial site, will host seven units ranging from 5,479 to 35,220 sq ft, all of which will all target BREEAM Excellent and EPC A ratings. The buildings will offer market leading sustainability credentials such as CO2 efficiency, heating and cooling systems, water saving points and fittings, as well as PV panels and EV charging points, giving substantial reductions in energy consumption and associated costs to occupiers.
The site was purchased in May 2022 through the Fiera Real Estate Opportunity Fund V UK (“FREOF V UK”) and benefits from being located between Limberline Road and Norway Road, adjacent to Hilsea Rail Station and moments from the M27, making it one of the best-connected sites in Portsmouth.
The groundbreaking ceremony was attended by representatives from Wrenbridge, Fiera Real Estate and CBRE Southampton, who are joint agents on the scheme with Vail Williams.
Construction is now underway, with units ready to occupy from late summer 2024.
Demand for distribution warehouses has remained very robust across the UK, with the South Coast currently viewed as one of the strongest sub-sectors in the market. The market resilience has resulted in positive rental growth, fuelled by the combination of a demand/supply imbalance and the requirement to be located close to the customer. The new Grade A scheme will help fill the gap in the lack of existing Grade A mid-sized supply in the local area.
Will Jarman, Associate Director at Wrenbridge commented: “We are delighted that Sonar is going vertical. Sonar is delivering much needed brand-new space to this brilliant location. Sonar offers a great range of units to create a thriving destination for businesses to relocate to and upgrade operations.”
Chris Button, Head of Investment Management at Fiera Real Estate commented: “We are delighted to be breaking ground on this fantastic, best in class logistics scheme. We are confident Sonar will detect all the best logistics requirements in Portsmouth”.