Work starts at Highcross' Lakeside North Harbour Retail Hub
Work is now underway on the new retail and lifestyle hub at Highcross’ Lakeside North Harbour Business Park, in Portsmouth, after the contract was given to local construction company Warings.
Two units, totalling 3,000 sq ft, have already been pre-let to The Southern Co-operative, which also has its headquarters at 1000 Lakeside, and will be used for a convenience store and florist. A further three of the planned seven units are currently under offer, to a dry cleaning business, hairdresser and cafe.
Highcross awarded Warings the £3m construction contract for the new retail hub and the recently announced day nursery. The full service contractor has already completed the infrastructure phase of the project, which included the installation of a sewerage tank and electricity cables. It previously handled the major refurbishment of the 1000 Lakeside office building back in 2007. The retail scheme will involve the construction of two single-storey pavilions, which will be linked to the 1000 Lakeside building by a tensile fabric canopy.
Philippe Jouy, managing director of Warings said: “We are proud of the work we have carried out at Lakeside and the high standard of the finish we achieved there. So it is a real pleasure to be working on such an important site again, with a project that promises to really add to its attraction and the quality of the facilities there.”
The new retail/lifestyle hub is expected to be ready for opening in early 2013. Richard Stileman, Head of Estates for The Southern Co-operative commented: “We are delighted with the opportunity to have not only a store but also a florist on site. This will be a definite plus for our own colleagues and for employees of the many other businesses based at Lakeside.”
The retail and nursery pre-lets follow record lettings at the park’s 1000 Lakeside building, where a total of 115,000 sq ft office space was let by Highcross last year.
Highcross asset management director, Nick Turner, added: “The planned expansion of our Lakeside North Harbour business park is beginning to take shape, with early pre-lets on our retail hub and nursery, and the development of the new car retail centre, highlighting the business park’s growing reputation as a leading location for businesses. These latest deals also underline our desire to provide a superb working environment for companies based at the park, with a growing range of amenities and facilities right on their doorstep.”
Highcross is a property fund manager, focusing on regional office and industrial property investment and development opportunities across the UK. Its portfolio comprises more than 32m sq ft of industrial and office space, in over 230 locations nationwide.
Through its group companies, Bizspace and Pure Offices, it is a significant provider of flexible, managed workspace and serviced office accommodation and in 2011, Highcross formed a joint venture with UK Land Estates, which made it the dominant industrial landlord in the North East of England.
In March 2008, Highcross raised approaching £450m in equity for its third UK property fund, taking the combined potential value of its three funds to £3 billion.
Warings Contractors Ltd
Working in construction since 1937, Warings prides itself on having a local focus with a global capacity.
Significant contracts over the years include the Portsmouth Harbour reclamation scheme, Holiday Inn at North Harbour, and more recently the new Mary Rose Museum, Bournemouth and Southampton Airports and South London YMCA (using a new modular technique).
Lakeside North Harbour business park
Highcross’ plans for its Lakeside North Harbour scheme in Portsmouth will expand the existing office complex into a major business location. Currently home to Highcross’ 1000 Lakeside office building and IBM’s UK headquarters, the planned phased development of the 100-acre site comprises almost 1 million sq ft, including new office buildings alongside the lake, a hotel and facilities for businesses located at the scheme, ranging from small shops and restaurants to a new medical centre.
In 2011, Highcross attracted eleven new companies to the 1000 Lakeside building, taking a total of 115,000 sq ft office space.