Compound Acquisitions for M27 Smart Motorway Contractor
Primmer Olds B.A.S have successfully acquired two separate compounds for bmJV, a joint venture between BAM Nuttall & Morgan Sindall, having been awarded the £244 million England Highways Collaborative Delivery Framework infrastructure contract in respect of the M27 Smart Motorway upgrade works. The contract will see the M27 between Junctions 4 and 11 converted to create dual 4-lane highway running the 15-mile stretch.
The sites acquired, which are being used for provision of welfare units, parking and storage of plant & materials, extend to 3.04 acres and 7.34 acres respectively with an option for a further 1.6 acres.
With open storage sites in very short supply, particularly of the size required in close proximity to the M27 motorway, and the deadline for contract commencement approaching, BMJV appointed Primmer Olds B.A.S to search, identify and secure the land required. Through raising speculative enquiries with land owners and working collaboratively with bmJVs solicitors, Primmer Olds B.A.S were able to secure the compounds swiftly and utilising Permitted Development rights, ensure the occupation of the sites and the delivery of the programme which is due to complete in 2021.
Patrick Mattison, Director of Commercial Agency – Hampshire at Primmer Olds B.A.S commented, ‘This was a very rewarding set of acquisitions given the speed of turnaround taking into account the genuine lack of obvious opportunities. Also, when considering the very positive impact the scheme will have on the local economy once completed. As a commuter from Portsmouth to Southampton every day, I was a little apprehensive to see these works commence. However, it is already becoming clear what benefits a 4-lane system will bring.
Our market investigations did lead us to discover various other off market options that could be available for other occupiers who have land / yard requirements across the M27. We therefore encourage those companies to make contact to discuss their requirements further.
Primmer Olds B.A.S Southampton and Bournemouth agency teams provide both disposal and acquisition services for office, industrial, retail, land/yard, development and investment properties. Please contact our teams on 023 8022 2292 or 01202 013015 should you wish to discuss further.