Prime Box and joint venture partner Cedar Invest have purchased Denmark House in Petersfield from Vestey Holdings for an undisclosed price.
The circa 112,000 sq ft industrial/warehouse property is located on Bedford Road, just off the A3. The existing building will be repositioned to deliver circa 80,000 sq ft of modern logistics warehouse space.
Richard Lord, director at Prime Box, said: “Once complete the property will benefit from new M&E, a large 60m deep yard and new CAT A offices with modern M&E. The building will be PV ready and will be targeting an EPC A rating.”
Tim Hardwicke, partner at SHW, which advised Prime Box and Cedar Invest on the deal, added: ‘’The refurbishment is just what the occupier market wants and the location on the A3 provides quick and easy access to the south coast and London regions, with Portsmouth drive time only 20 minutes and junction 10 of the M25 only 36 minutes.”
Refurbishment works will start this month, led by Faircloth Construction, with Total Project Integration acting as project manager and quantity surveyor. The refusbished unit will be ready for occupation in Q4 2024.
Avison Young advised Vestey Holdings on the deal. SHW and Avison Young have been appointed letting agents for the new logistics space.
