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LONDON-The Prudential has seen its confidence in the South Hampshire office market rewarded with the letting of Forum Three, a 48,600-sf speculative office development on the Solent Business Park near Fareham, Hampshire on practical completion. Mortgage lender TML has taken the three storey office building, designed by Michael Aukett Architects, at a rent averaging £19.50 ($31) per sf.

Forum Three is the second phase of development at The Forum, and follows the successful disposal of Forum One, which was also let upon practical completion in December 2001. The Forum as a whole has detailed planning consent for a total of 590,640 sf in 12 buildings. And according to Jane Holliday, Director Property Development for Prudential Property Investment Managers Ltd work on the next building should start next year.

King Sturge and Knight Frank are joint agents. Michael Green, Partner at King Sturge said: “Prudential agreed with the locally held belief that the market was undersupplied with first class headquarters buildings, and that a market existed for The Forum. Their confidence in South Hampshire has been rewarded with this letting.”

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