Royal London Asset Management Property has acquired a nine-acre site in Faraday Business Park at Daedalus in Fareham, from Fareham Borough Council.
The site will be home to a new 176,000ft², Grade A manufacturing facility leased to Eaton on a 20-year pre-let agreement.
This follows on from Royal Londonâs earlier acquisition of Eatonâs current premises, known as Abbey Works, in February 2024.
The investor has continued its partnership with Graftongate, established for the Abbey Works acquisition, to acquire the site and act as development manager.
Planning permission for the manufacturing facility has been granted, with construction set to commence in July 2025. The unit is expected to be ready for occupation in September 2026.
In line with Royal London Asset Managementâs Propertyâs strategic initiative to invest in, develop and manage high-quality, sustainable logistics spaces, the new building will target BREEAM ‘Outstanding’ and EPC ‘A+’ ratings and include a roof terrace to enhance staff wellbeing.
Senior asset manager at Royal London Asset Management Property, Matthew Barnes, said: âWe are pleased to reach another key milestone in our development plans in Fareham.
“This transaction has been a result of significant hard work and collaboration by all parties. Eaton is a key employer in the area, and we are glad to play a part in their long-term commitment to it.
“This will allow us to eventually redevelop their existing site, to create high-quality logistics and manufacturing space, which will create further employment for the local economy.â
