Commercial property lawyers at the Guildford office of Penningtons Manches Cooper acted on behalf of real estate developers Oceanic Estates on the first phase of Adanac North, a major new business park development in Southampton.
Adanac North is located off the M271, described as the ‘gateway to Southampton’, and is less than five miles from Southampton City Centre. The site provides office and light industrial units. 180,000 sq. ft. of the new scheme has been fully let just over a year from the start of development.
A number of occupiers are marine and transport focused businesses, including superyacht security specialist Marineguard Systems, marine and offshore service supplier Star International, and leading fleet manager Rivus Fleet solutions. Olympic climbing wall operator Parthian Climbing and Hampshire and Isle of Wight Air Ambulance have also made the park their home.
Led by real estate partner Tony Burns, with assistance from senior associates Sam Davies and Lyndsey Whittell in the commercial property team, and Tim Kittow in the construction team, the firm acted on the site acquisition, pre-lets, leases, construction matters and other legal matters for Phase 1 of the park.
Tony commented: “It has been a pleasure to work closely with the team at Oceanic Estates on this exciting new development, and in particular to see that demand has remained resilient despite the disruption and uncertainties brought about by the pandemic.”
Oceanic Estates is a prominent property company in the Southampton area. It was founded in 2001 by Lawrie Smith, Olympic sailing medallist and Phil Hutchinson, with the acquisition of Marchwood Industrial Park, and grew steadily with the subsequent acquisition and development of various schemes in and around the Southampton area.
Harry Hutchinson director of Oceanic Estates said: “Tony and his team have provided excellent, commercially-focused advice throughout the first phase of the project; we’ve been glad to have them on side during these unprecedented times.”