The Winchester Office Market Continues To Show Strong Activity

‘In a recent survey, The RICS reported that commercial tenant demand picked up in Q1 2011 across the UK with 10 percent more surveyors seeing a rise in demand than a fall.’“This has been evidenced in the Winchester office market, reports Richard Pullen of Pullen Associates where activity has been strong.”

“Businesses seeking new offices are being selective in their searches seeking to acquire quality office accommodation that provides an up to date specification” reports Richard Pullen. “It was in response to this that the owners of St Swithuns House, St Cross Road, undertook the complete refurbishment of the 6,500 sqft office building after it was vacated in 2010. This building was let to a single Winchester business on a new lease soon after the refurbishment was completed.”

Following the completion of this letting, the same property owner has now started the speculative and extensive refurbishment of a 9,750 sqft self-contained office building in Andover Road which has been named Athenia House. Located very close to the railway station, Richard Pullen says that this property will provide one of the best specified office buildings of this size in the city with 46 car parking spaces, air-conditioning, new lift, windows and many more features. The property is available to let and Richard Pullen believes that its location close to the railway station and its large car park will result in the building being of interest to a range of companies.

The County and City Councils have always played a significant part in the office market in the city. Having released some office accommodation into the market during 2010 following their relocation into their rebuilt 135,000 sqft Elizabeth Court II, The County Council has agreed a sale of the 15,000 sqft Trafalgar House, located adjacent to the Law Courts, which once sold is intended to be completely refurbished to provide new offices in about 12 months time.

The City Council is very active in the Winchester office market and has entered into a pre-letting agreement of the Grade II listed former Resource Centre in Hyde Street. The City Council will be undertaking the conversion and complete refurbishment of the property to provide a quality headquarters building of approx 10,000 sqft which has been let to a Winchester based professional firm on a new 15 year lease agreement.

The City Council is also proposing to refurbish Avalon House, their 12,000 sqft office building in Chesil Street where they are in discussions with a potential occupier for the whole building. Similarly they are in advance discussions in respect of the letting of the c 10,000 sqft Casson Block in St George’s Street as refurbished offices.

Richard Pullen says that ‘the level of demand from business looking for smaller offices of 1-2,000 sqft has increased and that there have been a number of office lettings of this size in the city over recent months with rents ranging from £15-20 psf.