Royal London Asset Management Property has acquired a 9-acre site in Faraday Business Park at Daedalus, Fareham, from Fareham Borough Council for an undisclosed price.
The site will house a new 176,000 sq ft, Grade A manufacturing facility leased to Eaton on a 20-year pre-let agreement.
In February last year, Royal London Asset Management Property acquired Eaton’s current Abbey Works premises. It will now work alongside development manager Graftongate to deliver the new facility, construction of which is due to start in July.
Once Eaton has relocated to its new unit, Royal London Asset Management Property and Graftongate will advance plans for a “significant” speculative logistics development at Abbey Works.
Matthew Barnes, senior asset manager at Royal London Asset Management Property, said: “We are pleased to reach another key milestone in our development plans in Fareham. This transaction has been a result of significant hard work and collaboration by all parties. Eaton is a key employer in the area, and we are glad to play a part in their long-term commitment to it. This will allow us to eventually redevelop their existing site, to create high-quality logistics and manufacturing space, which will create further employment for the local economy.”
Matt Price, general manager of Eaton’s fuel systems business unit, added: “Eaton is delighted to formalise our commitment to our new site at Daedalus with the signing of the long-term lease with Royal London Asset Management and Graftongate as the principal developer. The new facility represents a significant investment for Eaton in our fuel systems business, ensuring we retain our market-leading competitive position through the implementation of cutting-edge technology and production systems. It demonstrates our commitment to our employees, our customers, the local area, and the wider UK manufacturing base.”
James Martyn-Smith, construction director at Graftongate, said: “We are proud to be delivering this facility for Eaton. The scheme reflects our commitment to building high-specification industrial space, with strong sustainability credentials, and a focus on wellbeing. With planning now secured, we look forward to starting on site and working closely with Royal London Asset Management Property and Eaton to bring the project to life.”
Simon Martin, executive leader of Fareham Borough Council, added: “I am delighted that we will be welcoming Royal London Asset Management and their occupier, Eaton, to Daedalus. The council has enjoyed working constructively with Royal London in their purchase of a major site, which will deliver a landmark development at Daedalus.
“Eaton has been a major employer in Fareham for decades, so it is really good news that we are retaining them in the area. Daedalus is our largest dedicated employment site and already home to hundreds of jobs – the addition of the Eaton workforce comprising hundreds more is great news for everyone.”
Royal London Asset Management Property was advised by Pinsent Masons on the transaction. Eaton received advice from CBRE and Eversheds Sutherland and Fareham Borough Council was advised by Realest, Lambert Smith Hampton and Womble Bond Dickinson.
