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Former B&Q HQ sold

B&Q's former headquarters in Chandler's Ford has been sold to insurance company Eastleigh-based Ageas.

(Picture to right shows B&Q's new HQ, close to the Portswood House site)

Portswood House, a 90,000 sq ft property on Hampshire Corporate Park, was the headquarters of B&Q from its construction in 1985. B&Q relocated to new purpose-built headquarters in 2011.

LaSalle Investment Management completed the sale on behalf of a pension fund client. CBRE represented the buyer.

LaSalle Investment Management said the deal is the largest office occupier transition in the Southampton area since Carnival took possession of their new offices in the city centre over three years ago.

Andrew Miller, associate director of LaSalle Investment Management, said: "We considered a number of options for Portswood House, including redevelopment, but all involved some risk, considerable expenditure and time delay. A straight-forward sale to an owner-occupier, at a good price, was the best course of action for our client."

Jason Webb, director at Jones Lang LaSalle in Southampton, added: "This is one of the most important office transactions in recent years. Many buildings of a similar age in the Southampton market have been lost to alternative uses, and it is also good to see a locally based international company expanding in the area."

Source : Insider Media

11 May 2012
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