Royal London plots £140m manufacturing hub after site purchase
Royal London Asset Management Property and Graftongate are working up a project with a gross development value of £140m after buying a site in Fareham.
The fund manager bought the 24-acre Abbey Works site from Eaton, a supplier to the aerospace industry.
Eaton – which has engaged in the manufacturing, repair, and testing of aircraft components for companies including Boeing and Airbus from the site – will now partner with Royal London and developer Graftongate to create state-of-the-art facilities at Abbey Works.
Matt Price, general manager of Eaton’s fuel systems business unit, said: “It is the first step in our plans to redevelop our fuel systems business and transform the way we manufacture, deliver, and develop our products to serve our customers.”
Matthew Barnes, senior asset manager at Royal London Asset Management Property, said: “This acquisition is an important milestone in our strategy to grow Royal London Asset Management Property’s industrial development pipeline.
“Opportunities of this scale are rare in the South Coast market, and we are looking forward to working with Graftongate to progress it. Eaton is a key employer in Fareham and we also look forward to partnering with them to develop a best-in-class facility, securing their commitment to the area for the long term.”
Royal London Asset Management Property said the acquisition expands its industrial development pipeline and represents a “strategic initiative to invest in, develop and manage high-quality, sustainable logistics and advanced manufacturing space in markets with limited supply”.
The Fareham site, located between Southampton and Portsmouth, is well positioned to attract traditional logistics and e-commerce operators as well as advanced manufacturers.
Alex Thomason, director at Graftongate, added: “We’re excited to be delivering a highly sustainable, purpose-built facility for Eaton and will be exploring opportunities to further develop the site.”
Royal London Asset Management Property and Graftongate were represented by DTRE, while Eaton was advised by CBRE.
