New retail park will generate £1m per year for council
High street brands can start moving into Portsmouth City Council’s new retail park after the new-build shop units were completed last week.
Fully let business development Portsmouth Retail Park, in North Harbour, will bring in £1m per year for owners Portsmouth City Council in rents collected from international retail tenants including Decathalon, Subway and Costa. The money generated by the project can be spent on local services.
Portsmouth Retail Park’s first tenants can now start fitting out their units at the brand new £16.2m facility, on Southampton Road, which has been custom built by the council’s contractors Simons Groups. It’s hoped that every unit will be open to the public in the next couple of months with the first units opening in the next few weeks.
Leader of the council Cllr Donna Jones said: “Our property investment strategy is all about generating money for the local services that are most important to local people so for us to be able to find the opportunity for such a strong investment so close to home is fantastic news for us and for the people of Portsmouth.
“The added bonus of Portsmouth Retail Park is that it will boost jobs and the local economy at the same time as bringing in £1m every year in rental income. This is money that will make a real difference at a time when councils continue to face funding challenges.”
The council’s Director of Regeneration Tristan Samuels said: “We’re delighted that this significant development has been completed to such a high standard. We can now watch it thrive as it generates rental income for the people of Portsmouth.”
The first tenants of the development, which has been built on empty land next to Tesco Extra, are: Decathalon, Subway, Costa, Greggs, Pure Gym, Home Bargains, Jollyes pet superstore, Explore Learning and Quality Pet Care.
The handover of the Portsmouth Retail Park units comes only weeks after Portsmouth City Council was named the city’s second best industrial dealmaker of the year by a real estate media group CoStar.
The council was behind only property consultancy firm Vail Williams in terms of industrial deals in Portsmouth in the last 12 months.