Last week Cumberland Commercial launched The Bond in Southampton (£). The 157,000 sq ft office scheme won't go ahead without a prelet. That will surprise few in the marketplace given that agents reckon take up figures will just about hit the 100,000 sq ft by the end of the year, roughly in line with the last two years. But, and it's a big but, that figure will have been boosted by the Aegis deal, the 80,000 sq ft out of town letting.
Without this, well, you can do the sums.
CBRE, who along with Jones Lang LaSalle are agents on the scheme, are confident that an occupier of the likes of a FTSE100 company can be found for the space. It says it is a large amount of space but that is confident it can get a deal of around 100,000 sq ft that will kick start development. Local agents are more reserved with one saying it will be a tall order and another labelling it a struggle.
Andrew Archibald, director of agency at Kegrove Commercial, said: "The last time Southampton had 100,000 sq ft? I can't remember when that would have been for a new occupier.....History is not on their side but Cumberland Place is the best location in Southampton."
Click below to listen to James Brounger of CBRE; Andrew Archibald at Kegrove Commercial Chartered Surveryors; and Martin Hastelow of Savills give their opinion on the scheme at last Friday's EG Southampton reception.