Feb 14, 2005
Slough Estates International today formally announced that Pentagon Ltd has agreed terms to lease a 2,950 sq m (31,754 sq ft) car showroom complex at the Portsmouth Motor Park.
The facility will enable Pentagon to run three franchises (Mercedes-Benz, Chrysler Jeep and Smart) from one building. Thirty vehicles will be displayed within the inter-connecting showrooms, which will share a state-of-the-art workshop incorporating 22 bays, MoT facilities and the latest diagnostic technology.
Slough's construction will commence during February 2005, with practical completion scheduled for the Autumn. Demolition of the existing 1960s industrial unit is already well under way.
Hazel Jones, Development Surveyor at Slough commented "We are really pleased to be welcoming Pentagon to our Motor Park in Portsmouth, which is one of the few bespoke Motor Parks of its kind in the South. The pre-let will see completion of any immediate potential redevelopment at the Park."
Pentagon will join existing dealers operating BMW, Mini, Seat, Mitsubishi, Audi, Volkswagen and MG/Rover franchises.
Malcolm Sonnex, Pentagon's Operations Director commented "This multi-franchise passenger car centre is a real coup for Portsmouth and is the first facility of its kind to represent all of the DaimlerChrysler marques on the south coast. This exciting development has none of the space limitations encountered at our existing site in the city and it will create a fitting arena in which to house our illustrious Mercedes-Benz, Chrysler and Jeep and Smart brands."It will be a truly magnificent facility - one which will revolutionise the retail experience for the region's car buyers for many years to come."
Jeremy Young of Young & Butt, Fareham advised Slough Estates.
For further information contact:
Slough Estates plc
Hazel Jones
Tel: 01753 537 171
Shared Value Limited
Andrew Best / Emily Bruning
Tel: 020 7321 5022 / 5027
Slough Estates is a leading provider of flexible business space in business parks in Western Europe and North America, with over 1700 customers occupying 2.9 million square metres of business space, with a total value of £3.6 billion. Slough Estates' properties are in suburban locations in close proximity to the main business centres, where there is long-term demand for business accommodation to serve these key economic regions. The company's main activities are currently based around London, Brussels, Paris, Düsseldorf, San Francisco and San Diego, and the company continues to develop new business parks with the long term objective of building shareholder value and enhancing its reputation for quality buildings offering excellent value to customers.