Royal London Asset Management Property has acquired a 9-acre site in Faraday Business Park at Daedalus in Fareham, from Fareham Borough Council. The site will be home to a new 176,000 sq ft, Grade A manufacturing facility leased to Eaton on a 20-year pre-let agreement.

Matthew Barnes, senior asset manager at Royal London Asset Management Property, said: “We 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.”

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.

Once Eaton has transitioned into its new unit, Royal London Asset Management Property and its development manager Graftongate, will advance their plans for a significant speculative development at Abbey Works, which will deliver logistics supply to the south coast market. 

Cllr Simon Martin, executive leader of Fareham Borough Council, said: “The Council has enjoyed working constructively with Royal London in their purchase of a major site, which will deliver a landmark development at Daedalus. Eaton has been a major employer in Fareham for decades, so it is really good news that we are retaining them in the area. Daedalus is our largest dedicated employment site and already home to hundreds of jobs – the addition of the Eaton workforce comprising hundreds more is great news for everyone.”