Prime city centre office block in Southampton sold

16 January 2017

Savills, on behalf of private clients, has sold 2 Grosvenor Square a prime city centre office building in Southampton to Ameriscot, with vacant possession. The guide price was £4 million.

Ameriscot, a Bournemouth based developer with a strong track record in successful office refurbishments, has bought the building with a view to carrying out a high specification refurbishment. The building, constructed in the 1980s totals 29,489 sq ft (2,739 sq m) arranged over ground and two further floors. 2 Grosvenor Square is located in the traditional office core of the city centre, approximately a 10 minute walk from Southampton Central mainline station. The site has good access to the A33 and M3.

Martin Hastelow, director in the business space team in Savills Southampton, comments: “The sale of 2 Grosvenor Square is an important deal for the city’s office market. Southampton has experienced a loss of office space in recent years as conversions to residential and student accommodation have reduced city centre stock. Encouragingly we experienced a high level of interest from parties interested in continuing the use of 2 Grosvenor Square as an office building.

“The supply of high quality offices is very limited in the city centre and with no new developments in the pipeline. These factors are pushing rents upwards and incentives are reducing, making office refurbishment an attractive proposition again for the right building.”

 

 
 

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Key Contacts

Martin Hastelow

Martin Hastelow

Head of Office
Commercial Agency

Savills Southampton

+44 (0) 23 8071 3989